{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI WORLD EX EUROPE UCITS ETF - EUR",
    "investment_objective": "Track the performance of MSCI World ex Europe Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed countries excluding Europe",
    "replication_method": "synthethic",
    "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 total return swaps (financial derivative instruments) to achieve exposure to the MSCI World ex Europe Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming synthetic replication. There is no leverage or inverse exposure. The underlying index is a broad equity index of large and mid-cap stocks from developed markets excluding Europe, which is straightforward and liquid. The risk profile is medium (4/7), reflecting market risk and counterparty risk from swap counterparties. The fund is UCITS compliant. The presence of total return swaps and counterparty risk exposure classifies this ETF as complex under MiFID II rules, despite the absence of leverage or complex underlying assets. The PRIIPs KID does not include a comprehension warning but highlights counterparty and liquidity risks. The factsheet confirms synthetic replication and swap usage, with very low tracking error and no leverage. Costs are simple with no performance fees, but swap usage implies derivative costs. Overall, the synthetic replication via total return swaps and associated counterparty risk are the main drivers of complexity classification."
}