{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi S&P 500 II UCITS ETF GBP Hedged Dist",
    "investment_objective": "Track the S&P 500 Net Total Return Index (net dividends reinvested) with GBP currency hedging to minimize currency risk",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swap",
        "Counterparty risk from swap counterparty",
        "Currency hedging using derivatives",
        "Use of financial derivative instruments (FDI)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect (synthetic) replication by entering into an over-the-counter swap contract (financial derivative instrument) to achieve its investment objective. The KIID and PRIIPs KID explicitly mention the use of OTC swaps and financial derivatives, including currency hedging strategies. The fund exposes investors to counterparty risk as highlighted in the risk disclosures. The replication method is not physical but synthetic, confirmed by the factsheet. There is no leverage or inverse exposure, and the fund invests in a diversified portfolio of international equities, but the synthetic swap structure and counterparty risk are key complexity drivers. The risk profile is medium-high (5 out of 7), reflecting market and derivative risks. Costs are low and straightforward, with no performance fees. The complexity arises primarily from the synthetic replication and derivative usage rather than leverage or complex underlying assets. The fund is UCITS compliant but the synthetic swap structure and counterparty exposure classify it as complex under MiFID II rules."
}