{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The Amundi MDAX UCITS ETF Dist is a UCITS-compliant ETF that tracks the MDAX Index using synthetic replication via OTC swaps (financial derivative instruments). The KIID explicitly states the use of one or more OTC swaps to achieve the investment objective, indicating synthetic replication rather than physical. The fund is exposed to counterparty risk limited to 10% per counterparty, which is a complexity factor. The PRIIPs KID confirms the synthetic replication and the use of financial futures instruments (FFIs) for indirect replication. The factsheet further confirms the synthetic replication method and identifies counterparties such as Morgan Stanley Bank AG and Societe Generale, confirming swap usage. There is no leverage or inverse exposure mentioned. The risk profile is medium-high (5/7), reflecting equity market risk and counterparty risk from swaps. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap-related counterparty risk and synthetic replication complexity drive the MiFID II classification. The fund invests in a diversified portfolio of international equities swapped for the MDAX Index performance, which is a standard mid-cap equity index, not inherently complex. However, the synthetic replication and counterparty exposure make the product complex under MiFID II rules."
}