{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI WORLD UCITS ETF - USD",
    "investment_objective": "Track the performance of MSCI WORLD Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets (MSCI World Index)",
    "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 method via total return swaps (financial derivative instruments) to achieve exposure to the MSCI World Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with total return swaps delivering index performance against the assets held. The fund is UCITS compliant but employs synthetic replication rather than physical replication. There is no leverage or inverse exposure mentioned. The risk profile is medium (4/7), reflecting market risk and counterparty risk due to swap usage. The risk disclosures highlight counterparty risk and liquidity risk, consistent with synthetic swap-based ETFs. Costs include ongoing charges but no performance fees; swap fees are implied by the derivative usage. The underlying index is a broad, liquid equity index, but the use of total return swaps and counterparty exposure makes the product complex under MiFID II. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but confirms derivative use and counterparty risk. The monthly factsheet confirms synthetic replication and swap usage, with no leverage or complex underlying assets like contingent bonds. Therefore, despite a straightforward equity index objective, the synthetic replication via total return swaps and associated counterparty risk drive the classification as complex under MiFID II."
}