{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI FTSE EPRA NAREIT GLOBAL DEVELOPED - UCITS ETF DIST",
    "investment_objective": "Track the performance of FTSE EPRA/NAREIT Developed Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global Developed Markets (Real Estate sector, including REITs worldwide)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Counterparty risk exposure",
        "Use of derivatives integral to investment strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps (financial derivative instruments) to achieve exposure to the FTSE EPRA/NAREIT Developed Index, as explicitly stated in the KIID and PRIIPs KID. This synthetic replication involves counterparty risk, which is disclosed as a material risk factor. The fund is UCITS compliant but derivatives are integral to the investment strategy rather than used solely for risk management, so 'derivatives' is marked true. There is no leverage or inverse exposure. The underlying index tracks listed real estate companies and REITs globally, which are equity assets but the synthetic structure and swap usage introduce complexity. The risk profile is medium-high (5/7), reflecting market and counterparty risks. Costs include ongoing charges of 0.45% with no performance fees. The factsheet confirms synthetic replication and swap usage, validating the complexity classification. No capital protection or structured features are present. The PRIIPs KID does not include a specific comprehension warning but the use of swaps and counterparty risk disclosures align with MiFID II complexity criteria. Therefore, despite a straightforward equity index objective, the synthetic swap-based replication and counterparty risk exposure classify this ETF as complex under MiFID II."
}