{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI World Health Care UCITS ETF EUR Acc",
    "investment_objective": "Track the MSCI WORLD HEALTH CARE Net Total Return Index via indirect replication using OTC swap contracts",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed World markets (Global Healthcare sector)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Counterparty risk exposure",
        "Use of derivatives inherent to strategy",
        "Tracking error risk due to swap and replication",
        "Complex underlying index (MSCI World Health Care sector)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication through OTC swap contracts with counterparties such as Morgan Stanley Bank AG and Societe Generale, explicitly stated as financial derivative instruments (FDI). The fund invests in a diversified portfolio of international equities but exchanges performance via swaps, indicating synthetic replication. The KIID and PRIIPs KID both highlight counterparty risk and derivative-related risks including leverage risk, valuation risk, and liquidity risk. The fund is UCITS compliant but the use of unfunded OTC swaps and counterparty exposure is a key complexity driver. There is no leverage or inverse exposure, and the risk rating is moderate (4/7). The underlying index is a sector-specific MSCI World Health Care index, which may add complexity due to sector concentration and index construction. Costs are straightforward with no performance fees but include derivative-related costs implicitly. The factsheet confirms synthetic replication and counterparty risk limits (max 10% exposure per counterparty). No capital protection or structured features are present. Overall, the synthetic replication via swaps and associated counterparty and derivative risks classify this ETF as complex under MiFID II, despite moderate risk rating and absence of leverage or inverse features."
}