{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Global Equity Quality Income UCITS ETF Dist",
    "investment_objective": "Track the upward and downward unlevered performance of the SG Global Quality Income NTR Index, a net total return index of high quality global equities with high dividend yield",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets with diversified international equities",
    "replication_method": "synthethic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via an over-the-counter swap contract (financial derivative instrument) to achieve its investment objective, as explicitly stated in the KIID and PRIIPs KID. The replication method is synthetic, confirmed by the factsheet. The fund invests in a diversified portfolio of international equities whose performance is exchanged against the benchmark via the swap. Counterparty risk is explicitly disclosed, with counterparties including Morgan Stanley Bank AG and Societe Generale, with exposure capped at 10% of total assets. The fund is UCITS compliant but uses synthetic replication, which under MiFID II is a complexity factor. There is no leverage or inverse exposure. The derivatives are used as an inherent element of the strategy (swap-based replication), not merely for risk management, so derivatives flag is false only if derivatives are incidental, but here swaps are core. The risk profile is medium (4/7), reflecting market risk and counterparty risk. Costs are straightforward with no performance fees, but swap fees and counterparty risk are inherent. The underlying index is an equity index of high quality dividend stocks, not complex structured products. No capital protection or structured features are present. The PRIIPs KID does not carry a comprehension warning but confirms the use of swaps and counterparty risk. Therefore, the ETF is classified as complex under MiFID II due to synthetic replication via swaps and associated counterparty risk, despite no leverage or structured features."
}