{
    "type": "ETF",
    "ucits": true,
    "fund_name": "OSSIAM SHILLER BARCLAYS CAPE\u00ae EUROPE SECTOR VALUE TR",
    "investment_objective": "Replicate the performance of the Shiller Barclays CAPE\u00ae Europe Sector Value Net TR Index through synthetic replication primarily using swaps.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (15 Developed European countries)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via funded swap agreements",
        "Counterparty risk from swap counterparties",
        "Use of derivatives inherent to strategy",
        "Complex index methodology involving dynamic sector selection based on CAPE ratio and momentum"
    ],
    "classification": "complex",
    "supporting_data": "The fund uses synthetic replication primarily through swap agreements with first-class financial institutions, exposing investors to counterparty risk. The KIID explicitly states the use of swaps to achieve index exposure, with a minimum 75% investment in equities but performance is synthetically replicated. The risk profile in the KIID is high (6/7) due to equity exposure and derivative/counterparty risk. The PRIIPs KID confirms synthetic replication and swap usage, with a medium risk rating (4) but highlights derivative and counterparty risks. The monthly factsheet confirms the replication method as synthetic and reiterates derivative and counterparty risk. There is no leverage or inverse exposure. The index tracked is complex, involving dynamic sector selection based on cyclically adjusted P/E ratios and momentum, which may be difficult for retail investors to understand. No capital protection or structured features are present. Costs include ongoing charges of 0.65% with no performance fees. The use of funded swaps and synthetic replication, combined with counterparty risk and complex index methodology, drives the classification as complex under MiFID II."
}