{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI World Health Care UCITS ETF USD 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",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via over-the-counter swap contracts (financial derivative instruments) to achieve its investment objective, as explicitly stated in both the KIID and PRIIPs KID. The fund invests in a diversified portfolio of international equities and exchanges performance via the swap, indicating synthetic replication rather than physical replication. The factsheet confirms the use of OTC swaps with counterparties Morgan Stanley Bank AG and Societe Generale, with counterparty exposure limited to 10% of total assets. There is no leverage or inverse exposure mentioned. The risk profile is medium (4 out of 7), with specific counterparty risk disclosures and derivative-related risk warnings. The fund is UCITS compliant. The use of swaps and synthetic replication classifies the ETF as complex under MiFID II, despite the absence of leverage or complex underlying assets like contingent bonds. The fund's strategy and structure may be difficult for retail investors to fully understand due to the swap-based replication and counterparty risk. No capital protection or structured features are present. Costs are straightforward with a 0.30% ongoing charge and no performance fees. The underlying index is a standard MSCI sector index without complex structured products. The PRIIPs KID does not include a comprehension warning but confirms the medium risk and derivative use. Overall, the synthetic replication via swaps and associated counterparty risk are the main drivers of the complex classification."
}