{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The Amundi S&P 500 UCITS 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 a dependency on the swap counterparty's performance. While the underlying index (S&P 500) is straightforward, the synthetic replication method and associated risks (e.g., counterparty default, tracking error from swap mismanagement) make this a complex instrument under MiFID II. The fact that the ETF is UCITS-compliant does not override the complexity introduced by the swap-based replication.",
    "confidence": 90
}