{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi FTSE MIB UCITS ETF Dist",
    "investment_objective": "Replicate the EUR-denominated FTSE MIB Net Total Return Index (net dividends reinvested), tracking the 40 leading securities listed on Borsa Italiana with minimal tracking error.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Italy (Eurozone)",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Counterparty Risk from OTC Swaps",
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF physically replicating the FTSE MIB index, investing primarily in the 40 largest Italian stocks. The KIID and factsheet confirm physical replication with possible sampling techniques. However, the factsheet explicitly states the use of OTC swaps with counterparties Morgan Stanley Bank AG and Societe Generale, with counterparty exposure capped at 10% per UCITS rules. The derivatives usage is limited to swap agreements for optimization, not for leverage or amplification, and no leverage or inverse exposure is present. The risk profile is medium-high (5/7), reflecting equity market risk and counterparty risk. The PRIIPs KID does not indicate any comprehension warnings or structured capital protection features. Costs are straightforward with no performance fees. Despite physical replication, the presence of OTC swaps and counterparty risk triggers MiFID II complexity classification. The underlying assets are liquid, standard equities without complex structured products. The fund does not use leverage or inverse strategies. Therefore, the classification is complex due to the use of OTC swaps and associated counterparty risk, which may reduce retail investors' ability to fully understand the product's risk profile."
}