{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI ETF STOXX EUROPE 50 UCITS ETF",
    "investment_objective": "Replicate as closely as possible the performance of the STOXX Europe 50 Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (18 European countries)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Synthetic replication via total return swaps",
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication by entering into total return swaps (TRS) to exchange the performance of the assets held by the Fund for that of the STOXX Europe 50 Index. The KIID and PRIIPs KID explicitly mention swap-based replication and counterparty risk associated with derivative counterparties. There is no leverage or inverse exposure, and the risk profile is medium (4 out of 7). The underlying assets are large-cap European equities, which are liquid and transparent. However, the use of total return swaps as an inherent part of the investment strategy classifies the ETF as complex under MiFID II. The derivatives are not used solely for risk management but are fundamental to the replication method. Costs are straightforward with no performance fees, and the ongoing charges are low (0.15%). The PRIIPs KID does not include a comprehension warning but does highlight counterparty risk and derivative use. No capital protection or structured features are present. The synthetic replication and counterparty risk are the main drivers of complexity classification despite the straightforward equity exposure and moderate risk profile."
}