{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi S&P 500 II UCITS ETF USD Dist",
    "investment_objective": "Track the S&P 500 Net Total Return Index via indirect replication minimizing tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Swap counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract with counterparties such as Morgan Stanley Bank AG and Societe Generale, as explicitly stated in the KIID and factsheet. The fund invests in a diversified portfolio of international equities whose performance is exchanged against the benchmark via the swap. The replication method is synthetic, not physical. There is explicit counterparty risk exposure limited to 10% of total assets, and derivative instruments are used inherently in the investment strategy, not merely for risk management. There is no leverage or inverse exposure. The risk profile is medium-high (5/7), reflecting market and counterparty risks. Costs are straightforward with a low ongoing charge (0.05%) and no performance fees. The underlying index is a standard large-cap US equity index (S&P 500 Net Total Return), which is not complex. However, the use of OTC swaps and synthetic replication triggers MiFID II complexity classification. The PRIIPs KID does not include a comprehension warning but confirms the use of swaps and counterparty risk. No capital protection or structured features are present. Overall, the synthetic replication and swap usage are the main drivers of complexity under MiFID II despite the fund's straightforward equity exposure and moderate risk profile."
}