{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi FTSE 100 UCITS ETF Dist",
    "investment_objective": "Track the FTSE 100 Total Return Index (net dividends reinvested) via indirect replication using OTC swap contracts",
    "primary_asset_class": "Equity",
    "geographic_focus": "United Kingdom (FTSE 100 companies)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via over-the-counter swap contracts (financial derivative instruments) with counterparties such as Morgan Stanley Bank AG and Societe Generale, as explicitly stated in the KIID and factsheet. The replication method is synthetic, confirmed by the factsheet. The fund invests in equities but does not physically hold the full index; instead, it enters into swap agreements exchanging the performance of a diversified portfolio of equities against the FTSE 100 Total Return Index. The KIID and PRIIPs documents highlight counterparty risk due to the swap usage, with exposure capped at 10% of total assets. There is no leverage or inverse exposure. The risk profile is medium (4 out of 7), reflecting market and counterparty risks. Costs are straightforward with a low ongoing charge (0.14%) and no performance fees, but swap-related risks and synthetic replication increase complexity. The underlying index is a standard large-cap UK equity index, which is not complex itself, but the use of swaps and synthetic replication introduces complexity under MiFID II. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but does emphasize counterparty and liquidity risks. Overall, the presence of funded/unfunded swap agreements and counterparty exposure drives the classification as complex despite the straightforward equity index exposure and moderate risk level."
}