{
    "name": "Amundi S&P 500 II UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Financial Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) with counterparties such as Morgan Stanley Bank AG and Societe Generale, exposing investors to counterparty risk. The KIID explicitly mentions risks associated with financial derivative instruments, including leverage risk and high volatility. The factsheet confirms the synthetic replication method and highlights counterparty risk as a significant factor. While the ETF does not employ leverage or inverse strategies, the use of swaps and the associated counterparty risk, along with the complexity introduced by synthetic replication, classify it as a complex instrument under MiFID II.",
    "confidence": 90,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": false,
    "benchmark_complexity": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "gearing": false,
    "comprehension_warning": false,
    "additional_notes": "The ETF is UCITS-compliant and tracks a well-known, liquid benchmark (S&P 500), which typically suggests lower complexity. However, the synthetic replication method and the explicit mention of counterparty risk in the KIID and factsheet are decisive factors in classifying it as complex under MiFID II. The absence of leverage or inverse strategies does not offset the complexity introduced by the swap agreements and derivative usage."
}