{
    "name": "Amundi S&P 500 II UCITS ETF CHF Hedged Dist",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an OTC swap contract with counterparties like Morgan Stanley Bank AG and Societe Generale, which introduces counterparty risk and complexity. The KIID explicitly mentions the use of financial derivative instruments (FDIs) and highlights risks associated with these instruments, including leverage risk, high volatility risk, and liquidity risk. The presence of counterparty risk and the synthetic replication method are key indicators of complexity under MiFID II. Additionally, the ETF employs a daily hedging strategy for CHF currency risk, adding another layer of complexity. The risk profile includes specific warnings about the risks of financial derivative instruments and counterparty risk, which are not typical for non-complex instruments.",
    "confidence": 90,
    "counter_argument": "The ETF tracks a well-known, liquid index (S&P 500) and is UCITS compliant, which might suggest it is straightforward. However, the use of synthetic replication and the explicit mention of derivative-related risks override this argument, as MiFID II explicitly flags synthetic replication and significant counterparty risk as complexity indicators.",
    "risk_level": "The risk level is indicated as moderate to high due to the derivative usage and counterparty risk, aligning with the fund's stated risk profile in the KIID."
}