{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication via total return swaps, currency hedging, derivative use integral to investment strategy.",
        "classification": "complex",
        "supporting_data": "The AMUNDI S&P 500 UCITS ETF - DAILY HEDGED EUR utilizes a total return swap (a financial derivative instrument) to achieve its investment objective. This means that the ETF doesn't directly hold the underlying assets of the S&P 500 index, introducing counterparty risk. Currency hedging is also a feature. This replication method and the use of derivatives, combined with currency hedging, make the ETF complex as these features are not easily understood by a retail investor. This aligns with the MiFID II guidelines which emphasize that the use of derivatives, especially in the core investment strategy, increases complexity as it is very difficult for the client to understand their role and risks. Furthermore, the ESMA guidelines indicate any derivative use can be an indicator of complexity."
    }
}