{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI World Information Technology UCITS ETF EUR Acc",
    "investment_objective": "Track the MSCI WORLD INFORMATION TECHNOLOGY Net Total Return Index via indirect replication minimizing tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed world markets (mainly US and other developed countries)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Swap counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via an over-the-counter swap contract (FDI) with counterparties such as Morgan Stanley Bank AG and Societe Generale, exposing investors to counterparty risk. The replication method is explicitly synthetic, not physical. There is no leverage or inverse exposure. The fund invests primarily in equities but achieves index exposure through swaps rather than direct physical holdings. The risk profile is medium-high (5/7), reflecting market risk and counterparty risk. The fund is UCITS compliant but the use of unfunded OTC swaps and counterparty exposure classifies it as complex under MiFID II. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap usage implies derivative costs embedded in the ongoing charges. The PRIIPs KID does not include a comprehension warning but confirms the synthetic replication and counterparty risk. The factsheet confirms synthetic replication, counterparty exposure limited to 10%, and no leverage. The underlying index is a standard MSCI equity index, not complex in itself, but the synthetic swap structure drives complexity classification."
}