{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Total return swap usage",
        "Synthetic replication",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The Amundi S&P 500 Equal Weight UCITS ETF uses an indirect replication method via a total return swap to achieve exposure to the S&P 500 Equal Weight Index. The KIID explicitly states that derivatives are integral to the investment strategy and that the fund invests in a total return swap (a financial derivative instrument). This swap delivers the performance of the Index against the performance of the assets held, indicating synthetic replication rather than physical replication. The documents mention counterparty risk as a material risk, which is typical for synthetic ETFs using swaps. There is no leverage or inverse exposure, and the fund is UCITS compliant. The risk indicator is medium-high (5 out of 7), reflecting market risk and counterparty risk. The PRIIPs KID does not include a comprehension warning but confirms the use of swaps and derivatives as integral to the strategy. There are no capital protection features or structured product elements. The fund invests in international equities and uses derivatives for currency hedging as well. The complexity arises primarily from the synthetic replication via total return swaps and the associated counterparty risk, which under MiFID II rules classifies the ETF as complex despite the absence of leverage or structured features."
}