{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI S&P 500 UCITS ETF - USD (C)",
    "investment_objective": "Track the performance of the S&P 500 Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "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 total return swaps (financial derivative instruments) to achieve exposure to the S&P 500 Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming synthetic replication. 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. The fund does not invest directly in physical securities but gains exposure through total return swaps, which introduces counterparty risk and complexity. Costs are straightforward with no performance fees, but swap usage and derivative instruments are inherent to the strategy. The factsheet confirms synthetic replication and no leverage. The complexity arises primarily from the use of total return swaps and synthetic replication, which may be difficult for retail investors to fully understand, thus classifying the ETF as complex under MiFID II rules."
}