{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI S&P GLOBAL LUXURY UCITS ETF - USD",
    "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",
    "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 due to swap usage. The KIID highlights counterparty risk and liquidity risk, both complexity indicators. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The underlying index is a standard equity index of large-cap luxury companies, which is not complex in itself, but the synthetic swap structure and counterparty exposure drive the complexity classification under MiFID II. There are no capital protection or structured product features. The PRIIPs KID does not include a comprehension warning but confirms derivative use and counterparty risk. Overall, the presence of funded total return swaps and counterparty risk exposure mandates classification as complex under MiFID II rules."
}