{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Synthetic replication via total return swaps",
    "classification": "complex",
    "supporting_data": "The AMUNDI ETF MSCI WORLD EX EMU UCITS ETF is a UCITS-compliant equity ETF that aims to replicate the MSCI World Ex EMU Index. The replication method is explicitly synthetic, using total return swaps (TRS) to exchange the performance of the Fund's assets for that of the Index. This is confirmed in the KIID, PRIIPs KID, and the factsheet. The Fund does not employ leverage or inverse exposure, and there is no indication of capital protection or structured features. The derivatives usage is inherent to the investment strategy (synthetic replication), not merely for risk management, so 'derivatives' is marked false per instructions. The risk profile is medium (4 out of 7), consistent with equity market exposure and counterparty risk from swap counterparties. The Fund discloses counterparty risk explicitly, which is a complexity factor under MiFID II. Costs are straightforward with no performance fees, and ongoing charges are 0.35%. The underlying assets are large-cap equities from developed markets, liquid and transparent, with no complex underlying assets like contingent bonds or CLOs. The synthetic replication and swap usage are the primary drivers of complexity classification under MiFID II, as they introduce counterparty risk and reduce transparency for retail investors. There is no leverage or inverse exposure, and the risk level is moderate, but the synthetic structure and swap counterparty risk make the ETF complex under MiFID II rules."
}