{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI NASDAQ-100 UCITS ETF - USD",
    "investment_objective": "Track the performance of NASDAQ-100 Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA (NASDAQ-100 Index, American and non-American stocks listed on NASDAQ)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via a total return swap (financial derivative instrument) to achieve exposure to the NASDAQ-100 Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with total return swaps delivering index performance against the assets held. The replication is synthetic, confirmed by the factsheet. There is no leverage or inverse exposure. The fund is UCITS compliant. The risk profile is medium-high (5/7), reflecting market risk and counterparty risk due to swap usage. Counterparty risk is explicitly disclosed, and liquidity risk is noted. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The synthetic replication and swap counterparty exposure are the main drivers of complexity under MiFID II, despite the fund's straightforward equity index objective and absence of leverage. The use of total return swaps and counterparty risk exposure means the product is complex per MiFID II definitions."
}