{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI NASDAQ-100 UCITS ETF - DAILY HEDGED EUR",
    "investment_objective": "Track the performance of NASDAQ-100 Index with currency hedging to EUR",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA (NASDAQ-100 constituents)",
    "replication_method": "synthethic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Total return swap usage",
        "Synthetic replication",
        "Counterparty risk exposure",
        "Currency hedging via derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method via a total return swap, explicitly stated as a financial derivative instrument integral to the investment strategy. The KIID and PRIIPs KID both confirm the use of total return swaps, indicating synthetic replication rather than physical holding of underlying securities. The fund is UCITS compliant but exposes investors to counterparty risk from the swap counterparty. There is no leverage or inverse exposure, but the presence of derivatives as a core element of the strategy (not just for risk management) and swap usage mandates classification as complex under MiFID II. The risk profile is medium-high (5/7), reflecting market risk and counterparty risk. The fund tracks a well-known equity index (NASDAQ-100), but the synthetic structure and swap counterparty risk increase complexity. Costs are straightforward with no performance fees, but swap fees and derivative costs are implicit. The PRIIPs KID does not include a comprehension warning but highlights counterparty and liquidity risks. The monthly factsheet confirms synthetic replication and swap usage, with no leverage. Overall, the complexity arises from the synthetic replication via total return swaps and associated counterparty risk, despite the straightforward equity index exposure and UCITS compliance."
}