{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Complex Index Structure"
    ],
    "classification": "complex",
    "supporting_data": "The Amundi US Inflation Expectations 10Y UCITS ETF uses synthetic replication via an over-the-counter swap contract (FDI) to track the Markit iBoxx USD Breakeven 10-Year Inflation Index. This involves a long position in U.S. 10-year Treasury Inflation-Protected Securities (TIPS) and a short position in U.S. Treasury bonds, creating a breakeven rate of inflation exposure. The use of swaps introduces counterparty risk, and the strategy involves a complex index structure with long/short positions. Additionally, the KIID explicitly mentions risks associated with financial derivative instruments, including leverage risk and high volatility. The ETF also employs currency hedging strategies, adding another layer of complexity. While the risk level is not extremely high (SRRI 4), the combination of synthetic replication, swap usage, and the complex underlying index structure warrants classification as a complex instrument under MiFID II.",
    "confidence": 90
}