{
    "fund_name": "AMUNDI S&P 500 UCITS ETF - DAILY HEDGED EUR",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Total Return Swaps",
        "Counterparty Risk",
        "Currency Hedging"
    ],
    "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 factsheet confirms the use of a synthetic replication method. While the ETF does not employ leverage or inverse strategies, the reliance on swaps and the associated counterparty risk make it complex under MiFID II. The presence of hedging risk and operational risks further supports this classification.",
    "confidence": 90,
    "counter_argument": "Some may argue that the ETF is non-complex due to its straightforward objective of tracking the S&P 500 and its UCITS compliance. However, the use of synthetic replication and the explicit mention of derivative instruments as integral to the strategy override this argument, as MiFID II considers such features to introduce complexity.",
    "risk_level": 4,
    "benchmark_complexity": "low",
    "liquidity_risk": "moderate",
    "counterparty_risk": "high",
    "currency_hedging": true
}