{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi STOXX Europe 600 Basic Materials UCITS ETF Acc",
    "investment_objective": "Track the performance of STOXX Europe 600 Industry Basic Materials 30-15 Index using indirect replication via total return swaps",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (Developed markets)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Counterparty risk from swap counterparties",
        "Use of derivatives integral to investment strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method investing in total return swaps to achieve exposure to the STOXX Europe 600 Industry Basic Materials 30-15 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 exposes investors to counterparty risk inherent in swap agreements. There is no leverage or inverse exposure. The risk profile is medium-high (5/7), reflecting market risk and derivative-related risks including counterparty and liquidity risks. The factsheet confirms synthetic replication and swap usage. No capital protection or structured features are present. The complexity arises primarily from the synthetic replication and derivative counterparty risk, which may reduce transparency and increase difficulty for retail investors to fully understand the product. Costs are straightforward with no performance fees, but swap-related risks and derivative usage classify the ETF as complex under MiFID II rules."
}