{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI S&P 500 UCITS ETF - USD (D)",
    "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",
        "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, which is disclosed in the risk sections. 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), which is liquid and transparent, but the synthetic structure and counterparty exposure make the product complex under MiFID II. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but confirms the use of derivatives as integral, not just for risk management. The factsheet confirms synthetic replication and swap usage, validating the complexity classification."
}