{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi STOXX Europe 600 Consumer Staples UCITS ETF Acc",
    "investment_objective": "Track the performance of STOXX Europe 600 Industry Consumer Staples 30-15 Index using indirect replication via total return swaps",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed European markets",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method investing in total return swaps to achieve index exposure, as explicitly stated in the KIID and PRIIPs KID. The use of total return swaps (financial derivative instruments) is integral to the investment strategy, not merely for risk management. The fund is UCITS compliant but synthetic replication and swap usage introduce counterparty risk and derivative-related risks. There is no leverage or inverse exposure. The underlying index is a broad, liquid European equity index focused on consumer staples, with no complex underlying assets such as contingent bonds. The risk profile is medium (4/7), reflecting market and counterparty risks. Costs are straightforward with no performance fees but include derivative-related costs implicitly. The PRIIPs KID does not carry a specific comprehension warning but highlights counterparty and derivative risks. The factsheet confirms synthetic replication and swap usage. According to MiFID II criteria, the presence of funded or unfunded swaps and synthetic replication classifies this ETF as complex despite the absence of leverage or complex underlying assets.",
    "risk_level_assessment": "The fund's stated risk level is medium (4 out of 7), reflecting market risk and counterparty risk from derivatives. This aligns with the complexity classification due to synthetic replication and swap exposure, which may not be easily understood by retail investors without specific knowledge."
}