{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI All Country World UCITS ETF EUR 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 replication through OTC swap contracts (financial derivative instruments) to achieve its investment objective, as explicitly stated in both the KIID and PRIIPs KID. The fund invests in a diversified portfolio of international equities and exchanges performance via swaps with the benchmark index. The factsheet confirms the synthetic replication method and identifies Morgan Stanley Bank AG and Societe Generale as counterparties, with counterparty exposure limited to 10% of total assets. The risk disclosures highlight counterparty risk and derivative-related risks. There is no leverage or inverse exposure. The fund is UCITS compliant. The use of total return swaps as a core part of the replication strategy, combined with counterparty risk, classifies this ETF as complex under MiFID II. The risk profile is medium (4/7), reflecting market and derivative risks but no leverage. The complexity arises from the synthetic replication and counterparty exposure rather than leverage or structured capital protection. No capital guarantee or structured features are present. Costs are straightforward with no performance fees, but derivative costs are implicit in swap usage. The underlying index is a broad equity index, not inherently complex, but the synthetic replication method and swap usage drive the complexity classification."
}