{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi S&P 500 II UCITS ETF EUR Hedged Dist",
    "investment_objective": "Track the S&P 500 Net Total Return Index (net dividends reinvested) with EUR currency hedging to minimize currency risk",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swap",
        "Counterparty risk exposure",
        "Currency hedging via daily FX hedge",
        "Use of derivatives inherent to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through 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 but achieves index exposure via total return swaps, which introduces counterparty risk. The fund employs a daily currency hedging strategy to minimize EUR/USD currency risk, adding derivative complexity. The risk profile is medium-high (5/7), reflecting market and derivative risks. The fund is UCITS compliant but the use of funded or unfunded swaps and counterparty exposure classifies it as complex under MiFID II. There is no leverage or inverse exposure, and the underlying assets are liquid US equities, but the synthetic replication and swap usage are the main complexity drivers. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap-related risks and counterparty risk disclosures are prominent. The PRIIPs KID does not carry a specific comprehension warning but confirms the medium-high risk and derivative usage. Overall, the synthetic replication via OTC swaps and counterparty risk exposure are decisive factors for the complex classification."
}