{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Currency Hedging"
    ],
    "classification": "complex",
    "supporting_data": "The Amundi FTSE 100 UCITS ETF EUR Hedged Acc is a UCITS-compliant ETF that tracks the FTSE 100 Total Return Index via indirect replication using an over-the-counter (OTC) swap contract (financial derivative instrument). The KIID and PRIIPs KID explicitly state the use of swaps and counterparty exposure, with counterparties including Morgan Stanley Bank AG and Societe Generale. The fund employs a daily currency hedging strategy to reduce EUR/GBP currency risk, adding complexity. There is no leverage or inverse exposure. The derivatives are used as an inherent part of the investment strategy (synthetic replication), not merely for risk management, so 'derivatives' is marked false only because they are not used for risk management but are inherent to the strategy. The risk profile is medium (4/7), with specific risks highlighted including counterparty risk, operational risk, and risks related to financial derivative instruments. The fund does not have capital protection or structured features, nor does it invest in complex underlying assets like contingent convertible bonds. Costs are straightforward with no performance fees, but swap-related costs are implicit in the synthetic replication. The complexity arises primarily from the synthetic replication via swaps and the associated counterparty risk, as well as the currency hedging mechanism. This makes the ETF complex under MiFID II rules despite a moderate risk rating and no leverage. The underlying index is a standard equity index (FTSE 100), but the synthetic replication and swap usage drive the complexity classification."
}