{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI All Country World UCITS ETF USD Acc",
    "investment_objective": "Track the MSCI AC World Net Total Return Index (equity markets in developed and emerging countries) via indirect replication using OTC swap contracts.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (Developed and Emerging Markets)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Counterparty risk exposure",
        "Use of derivatives inherent to replication strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect (synthetic) replication by entering into OTC swap contracts with counterparties such as Morgan Stanley Bank AG and Societe Generale, as explicitly stated in the KIID and factsheet. The fund invests in a diversified portfolio of equities but relies on total return swaps to achieve index exposure, which introduces counterparty risk and derivative-related risks. The risk disclosures highlight counterparty risk and risks related to financial derivative instruments, including leverage risk and valuation risk, even though the fund itself does not employ leverage or inverse strategies. The replication method is synthetic, not physical, and the fund is UCITS compliant. The risk rating is moderate (4/7), reflecting market and derivative risks. No leverage or inverse exposure is present, but the use of swaps and derivatives as a core part of the investment strategy classifies the ETF as complex under MiFID II. There are no capital protection or structured product features. Costs are straightforward with no performance fees, but swap-related costs are implicit. The underlying index is a broad equity index (MSCI ACWI) without complex structured products. The PRIIPs KID does not contain a comprehension warning but confirms derivative use and counterparty risk. Overall, the synthetic replication and swap usage are the main drivers of complexity classification."
}