{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI EUROPE VALUE FACTOR UCITS ETF - EUR",
    "investment_objective": "Track the performance of MSCI Europe Value Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (Developed European countries)",
    "replication_method": "synthethic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Counterparty risk exposure",
        "Use of derivatives integral to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps (financial derivative instruments) to achieve exposure to the MSCI Europe Value Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming the use of synthetic replication. The fund exposes investors to counterparty risk associated with the swap counterparty. There is no leverage or inverse exposure. The underlying assets are equities from developed European markets, which are liquid and transparent, but the synthetic structure and swap usage introduce complexity. The risk profile is medium (4/7), reflecting market risk and counterparty risk. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The PRIIPs KID does not include a comprehension warning but highlights counterparty and liquidity risks. The factsheet confirms synthetic replication and swap usage, with a low tracking error and no leverage. Given the mandatory classification rules under MiFID II, the presence of any swap usage or contingent bonds mandates classification as complex. Therefore, despite a moderate risk profile and no leverage, the synthetic replication via total return swaps and counterparty risk exposure drive the classification as complex."
}