{
    "fund_name": "AMUNDI S&P GLOBAL LUXURY UCITS ETF - USD",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure from swap agreements",
        "Indirect replication methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the S&P Global Luxury Index, which introduces counterparty risk and complexity beyond direct physical replication. While the underlying index consists of large, liquid luxury goods companies, the use of derivatives for replication triggers MiFID II complexity classification. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and references counterparty risk, which are key complexity indicators. The PRIIPs KID and factsheet confirm the synthetic replication approach, reinforcing the complexity determination.",
    "risk_level_assessment": "The fund's risk profile is primarily driven by equity market risk from luxury goods companies, but the synthetic structure adds counterparty and derivative-related risks that may not be fully appreciated by retail investors without specialist knowledge.",
    "confidence": 90
}