{
    "name": "AMUNDI S&P 500 BUYBACK UCITS ETF - USD",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap, which introduces counterparty risk and derivative exposure. The KIID explicitly states that derivatives are integral to the investment strategy, and the swap structure creates additional complexity beyond simple physical replication. The presence of counterparty risk and the synthetic nature of the replication method are key factors in determining this as a complex instrument under MiFID II, despite the ETF tracking a relatively straightforward equity index.",
    "confidence": 90,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": "low",
    "underlying_assets": "equity",
    "gearing": false,
    "capital_protection": false,
    "structured_features": false,
    "performance_fees": false,
    "securities_lending": false,
    "comprehension_warning": false,
    "additional_notes": "While the underlying index (S&P 500 Buyback) is not inherently complex, the use of synthetic replication via swaps introduces additional risks and complexities that require investor understanding of counterparty risk and derivative mechanics. This places the ETF in the 'complex' category under MiFID II."
}