{
    "fund_name": "Amundi S&P 500 II UCITS ETF EUR Hedged Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Currency hedging via derivatives",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an OTC swap with Morgan Stanley Bank AG and Societe Generale, which introduces counterparty risk. While the swap is used for currency hedging (EUR to USD), the use of derivatives beyond simple replication triggers complexity under MiFID II. The fact sheet explicitly mentions 'replication risk' and 'counterparty risk' as material risks, which aligns with MiFID II's complexity criteria. The ETF does not use leverage or inverse strategies, but the synthetic structure and derivative exposure make it complex for retail investors to fully understand without specialist knowledge.",
    "confidence": 85
}