{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI FTSE EPRA EUROPE REAL ESTATE UCITS ETF - EUR (C)",
    "investment_objective": "Track the performance of FTSE EPRA/NAREIT Developed Europe Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed Europe",
    "replication_method": "synthethic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via a total return swap (financial derivative instrument) to achieve exposure to the FTSE EPRA/NAREIT Developed Europe Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming swap usage. The replication method is synthetic, not physical. There is no leverage or inverse exposure mentioned. The underlying index is a standard equity real estate index with liquid, listed REITs and real estate securities, so underlying asset complexity is low. The risk profile is medium-high (5/7), reflecting market and counterparty risks, including counterparty risk due to swap exposure. Costs are straightforward with no performance fees but include ongoing charges of 0.30%. The PRIIPs KID does not include a comprehension warning but highlights counterparty and liquidity risks. The factsheet confirms synthetic replication and swap usage, with no leverage or complex structured products. According to MiFID II criteria, the presence of funded or unfunded total return swaps and synthetic replication classifies this ETF as complex, despite the absence of leverage or complex underlying assets."
}