{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI GLOBAL INFRASTRUCTURE - UCITS ETF",
    "investment_objective": "Track the performance of Solactive Global Infrastructure Low Earnings Volatility Index, an equity index of listed infrastructure companies worldwide with stable earnings growth.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (with significant US, Switzerland, Canada, Israel, Japan, Germany, UK exposure)",
    "replication_method": "synthethic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Total return swap usage",
        "Synthetic replication",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method via a total return swap (financial derivative instrument) to achieve exposure to the Solactive Global Infrastructure Low Earnings Volatility Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming swap usage. The fund is UCITS compliant but employs synthetic replication, which introduces counterparty risk. There is no leverage or inverse exposure. The underlying index is a standard equity index of listed infrastructure companies with stable earnings, so underlying asset complexity is low. The risk profile is medium (4/7), reflecting market and counterparty risks. Costs are straightforward with no performance fees but include ongoing charges of 0.55%. The PRIIPs KID does not include a comprehension warning but highlights counterparty and liquidity risks. The factsheet confirms synthetic replication and swap usage, with very low tracking error and no leverage. Given the use of total return swaps and synthetic replication, the ETF is classified as complex under MiFID II, despite a moderate risk profile and straightforward underlying assets. The complexity arises primarily from the derivative-based replication and associated counterparty risk, which may not be easily understood by retail investors.",
    "risk_level_assessment": "The fund's stated risk level is medium (4 out of 7), reflecting typical equity market risk plus counterparty risk from swap usage. This aligns with the MiFID II complexity classification, as the derivative and counterparty risk elements increase complexity beyond a simple physical replication ETF."
}