{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI World II UCITS ETF Dist",
    "investment_objective": "Replicate the USD-denominated MSCI World Net Total Return Index (net dividends reinvested), representative of large- and mid-cap companies in developed countries, minimizing tracking error.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global Developed Markets",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses indirect replication via OTC total return swaps to achieve its investment objective, explicitly stated in the KIID and PRIIPs KID. The Fund invests in a diversified portfolio of international equities whose performance is swapped for that of the MSCI World Index. The Fund is UCITS compliant but exposes investors to counterparty risk limited to 10% per counterparty, as per UCITS rules. There is no leverage or inverse exposure. The risk profile is medium (4/7), reflecting equity market risk and derivative usage. The factsheet confirms synthetic replication and counterparty exposure to Morgan Stanley and Societe Generale. No capital protection or structured features are present. Derivatives are used as an inherent part of the strategy (swaps), not merely for risk management, so derivatives flag is false only if derivatives are incidental, but here swaps are core. No leverage or amplification is used. The underlying assets are equities, liquid and transparent. The complexity arises mainly from the synthetic replication via swaps and associated counterparty risk, which may be difficult for retail investors to fully understand. No performance fees or complex fee structures are present. The PRIIPs KID does not carry a specific comprehension warning but notes market liquidity risk and counterparty risk. Overall, the synthetic swap structure and counterparty risk drive the classification as complex under MiFID II despite the straightforward equity index exposure and moderate risk rating."
}