{
    "fund_name": "AMUNDI FTSE EPRA NAREIT GLOBAL DEVELOPED - UCITS ETF DIST",
    "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 FTSE EPRA/NAREIT Developed Index, which introduces counterparty risk and complexity beyond direct physical replication. While the fund tracks a straightforward equity index, the use of derivatives for replication purposes 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 fund is UCITS-compliant, but the synthetic structure and swap-based replication make it complex under MiFID II rules, as derivatives are not merely used for efficient portfolio management but are fundamental to the investment strategy.",
    "confidence": 90,
    "risk_profile": "The fund has a risk rating of 4 (moderate to high), which aligns with its equity exposure but is elevated by the synthetic replication method and counterparty risks. The complexity arises from the derivative structure rather than the underlying assets or leverage."
}