{
    "fund_name": "Amundi S&P 500 II UCITS ETF CHF 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 for hedging purposes (currency risk management), the use of derivatives beyond simple replication triggers complexity under MiFID II. The risk profile includes counterparty risk and hedging risk, which may not be easily understood by retail investors. The SRRI (risk level) is 3, which is moderate but still indicates some complexity. The fact that the ETF is UCITS-compliant does not automatically exempt it from being classified as complex due to the derivative usage and associated risks.",
    "confidence": 90
}