{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI S&P 500 UCITS ETF - EUR",
    "investment_objective": "Track the performance of the S&P 500 Index with minimized tracking error",
    "primary_asset_class": "equity",
    "geographic_focus": "USA",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Total return swap",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via a total return swap (financial derivative instrument) to achieve exposure to the S&P 500 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 fund is UCITS compliant but synthetic replication and swap usage introduce counterparty risk and derivative complexity. There is no leverage or inverse exposure. The risk profile is medium-high (5/7), reflecting market and counterparty risks. Costs are straightforward with no performance fees, but swap and derivative usage inherently add complexity. The underlying index is a standard equity index (S&P 500) with liquid, transparent securities, but the synthetic structure and swap counterparty exposure drive the MiFID II classification as complex. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but confirms derivative usage and risk. The factsheet confirms synthetic replication and swap usage, with low tracking error and no leverage. Overall, the complexity arises from the synthetic replication via total return swaps and associated counterparty risk, not from leverage or complex underlying assets.",
    "risk_level_assessment": "The fund's stated risk level is 5 out of 7 (medium-high), mainly due to market risk and counterparty risk from swap usage. This aligns with the MiFID II complexity classification, as the synthetic replication and derivative exposure increase the risk and complexity beyond a straightforward physical replication ETF."
}