{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI World Ex EMU SRI PAB Net Zero Ambition UCITS ETF Acc",
    "investment_objective": "Passive index tracking of MSCI World Ex EMU SRI Climate Paris Aligned / Filtered PAB Net USD Index",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed countries excluding Eurozone",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Complex ESG Filtered Index"
    ],
    "classification": "complex",
    "supporting_data": "The Fund is a UCITS ETF that tracks an ESG-filtered MSCI World Ex EMU index via indirect replication using OTC total return swaps (financial derivative instruments). The KIID and PRIIPs KID explicitly state the use of one or more OTC total return swaps to achieve the investment objective, indicating synthetic replication. The Fund invests in a diversified portfolio of international equities whose performance is swapped for that of the Benchmark Index. Counterparty risk is disclosed as a material risk, with exposure capped at 10% per counterparty, consistent with UCITS rules. The PRIIPs KID classifies the product as medium risk (4/7) and highlights market liquidity risk and counterparty risk. The factsheet confirms the use of swaps with counterparties such as Morgan Stanley and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale. The replication method is synthetic, not physical, which is a key complexity indicator under MiFID II. There is no leverage or inverse exposure. The underlying index is ESG-filtered with a best-in-class approach, which adds complexity due to the non-standardized ESG scoring methodology and potential tracking error. 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. Costs are straightforward with no performance fees, but swap usage implies additional complexity. Overall, the synthetic replication via swaps and counterparty risk exposure drive the classification as complex under MiFID II, despite the fund's moderate risk profile and equity focus."
}