{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi S&P 500 II UCITS ETF Acc",
    "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": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "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 but achieves index exposure through total return swaps, which introduces counterparty risk. The fund is UCITS compliant but the use of unfunded OTC swaps and counterparty exposure are complexity indicators under MiFID II. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the strategy rather than for risk management only. 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), which is not complex itself. However, the synthetic replication and swap usage drive the classification as complex under MiFID II rules, despite the fund's transparent and liquid underlying assets and absence of leverage. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but confirms the medium-high risk and counterparty risk. Overall, the key complexity driver is the synthetic replication via OTC swaps and associated counterparty risk, which requires specific investor understanding and is flagged under MiFID II as complex.",
    "risk_level_assessment": "The fund's stated risk profile is medium-high (5 out of 7), mainly due to market risk and counterparty risk from the use of OTC swaps. This aligns with the complexity classification, as the synthetic replication and counterparty exposure increase risk beyond a simple physical replication ETF."
}