{
    "fund_name": "AMUNDI S&P 500 UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps, which introduces counterparty risk and derivative exposure. While the S&P 500 index itself is straightforward, the use of swaps for replication makes the investment structure more complex. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and highlights counterparty risk as a material risk factor. The fact that it's a UCITS-compliant ETF does not automatically make it non-complex under MiFID II when synthetic replication is involved. The risk profile is primarily market risk, but the derivative-based replication method adds layers of complexity that may not be easily understood by retail investors.",
    "confidence": 90
}