{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The AMUNDI S&P 500 UCITS ETF - DAILY HEDGED EUR is a UCITS-compliant ETF that tracks the S&P 500 Index using an indirect replication methodology via total return swaps, which are financial derivative instruments integral to the fund's investment strategy. The KIID and PRIIPs KID explicitly state the use of total return swaps and derivatives, confirming synthetic replication. There is no leverage or inverse exposure mentioned. The fund carries counterparty risk due to swap counterparties, as disclosed in the risk sections. The risk indicator is 5 out of 7, reflecting medium-high risk, partly due to derivative and counterparty risks. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The underlying index is a standard equity index (S&P 500), which is liquid and transparent, but the synthetic replication and swap usage introduce complexity. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but confirms derivative use. The monthly factsheet confirms synthetic replication and swap usage, with no leverage or complex underlying assets like contingent bonds. According to MiFID II criteria, the presence of synthetic replication via total return swaps and counterparty risk exposure classifies this ETF as complex, despite the absence of leverage or structured capital protection."
}