{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Euro Inflation Expectations 2-10Y UCITS ETF Acc",
    "investment_objective": "To reflect the performance of the Markit iBoxx EUR Breakeven Euro-Inflation France & Germany Index, offering exposure to a long position in inflation-linked bonds issued by France and Germany and a short position in France and Germany sovereign bonds with adjacent durations, minimizing tracking error.",
    "primary_asset_class": "Bond",
    "geographic_focus": "France and Germany (Eurozone)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swap",
        "Long/short inflation-linked and sovereign bond exposure",
        "Counterparty risk from swap counterparty",
        "Complex benchmark index with long/short positions and borrowing costs"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication through an over-the-counter swap contract (FDI) to achieve its investment objective, confirmed by both the KIID and the factsheet stating 'Replication type: Synthetical' and 'The Fund seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract.' The benchmark index involves a long position in inflation-linked bonds and a short position in sovereign bonds, implying a complex long/short strategy rather than straightforward physical replication. The KIID explicitly mentions counterparty risk associated with the swap counterparty. There is no leverage or inverse exposure, and the risk profile is low (2/7), but the use of swaps and the complexity of the benchmark index drive the MiFID II classification. The PRIIPs KID does not include a comprehension warning but confirms the need for investors to have good knowledge and experience. Costs are straightforward with no performance fees, but swap usage inherently adds complexity. The ETF is UCITS compliant. Overall, the synthetic replication via swaps and the complex long/short inflation-linked bond strategy classify this ETF as complex under MiFID II rules despite a low risk rating and no leverage.",
    "risk_level": 2
}