{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI EUROPE QUALITY FACTOR UCITS ETF - EUR",
    "investment_objective": "Track the performance of MSCI Europe Quality Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed European countries",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via a total return swap (financial derivative instrument) to achieve exposure to the MSCI Europe Quality Index. The KIID explicitly states that derivatives are integral to the investment strategy. The factsheet confirms the replication type as 'synthetical'. There is no leverage or inverse exposure. The fund is UCITS compliant. The risk profile is medium (4/7), reflecting market risk from European equities, with additional counterparty risk due to swap usage. The PRIIPs KID does not include a comprehension warning but highlights counterparty risk and liquidity risk. The use of total return swaps and synthetic replication classifies this ETF as complex under MiFID II, despite a straightforward equity index objective and moderate risk level. No capital protection or structured features are present. Costs are simple with no performance fees, but swap-related derivative costs are implicit. The underlying index is a standard MSCI equity quality factor index, not complex in itself, but the synthetic swap structure and counterparty exposure drive the complexity classification."
}