{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI S&P GLOBAL LUXURY UCITS ETF - EUR",
    "investment_objective": "Track the performance of the S&P Global Luxury Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global, with major exposure to US, France, Italy, Switzerland, Germany, UK, Hong Kong, China, Japan, Australia",
    "replication_method": "synthetic",
    "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 total return swaps (financial derivative instruments) to achieve exposure to the S&P Global Luxury Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with total return swaps delivering index performance against the assets held. The replication method is synthetic, confirmed by the factsheet. There is no leverage or inverse exposure. The fund is UCITS compliant. The risk profile is medium-high (5/7), reflecting market risk and counterparty risk inherent in swap usage. The risk disclosures mention counterparty risk explicitly. Costs include ongoing charges but no performance fees. The underlying index is a straightforward equity index of 80 large luxury sector companies, which is not complex in itself. However, the use of total return swaps and counterparty exposure makes the product complex under MiFID II. There is no capital protection or structured features. The PRIIPs KID does not include a comprehension warning but the swap usage and counterparty risk are significant complexity drivers. No leverage or contingent bonds are involved. The synthetic replication and swap usage are the main complexity factors driving the classification as complex."
}