{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI World Information Technology UCITS ETF USD Acc",
    "investment_objective": "Track the MSCI World Information Technology Net Total Return Index via indirect replication using OTC swap contracts.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed world markets, global technology sector",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via OTC swap contracts (financial derivative instruments) to achieve its investment objective, explicitly stated in both the KIID and PRIIPs KID. The fund invests in a diversified portfolio of international equities whose performance is swapped against the benchmark index performance. The factsheet confirms the use of synthetic replication and identifies Morgan Stanley Bank AG and Societe Generale as counterparties, with counterparty exposure limited to 10% of total assets. The risk profile is medium-high (5/7), reflecting market and derivative risks. There is no leverage or inverse exposure, and the fund is UCITS compliant. Costs are straightforward with no performance fees, but derivative-related risks and counterparty risks are clearly disclosed. The underlying index is a standard MSCI equity index focused on technology companies, which is transparent and liquid. However, the use of swaps and counterparty risk, combined with synthetic replication, triggers MiFID II complexity classification. There are no capital protection or structured features, and no leverage is applied. The PRIIPs KID does not contain a specific comprehension warning but confirms the medium-high risk and derivative usage. Overall, the synthetic replication via swaps and counterparty risk are the main drivers of the complex classification under MiFID II despite the fund's straightforward equity exposure and UCITS compliance."
}