{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI STOXX EUROPE 600 HEALTHCARE UCITS ETF Acc",
    "investment_objective": "Track the STOXX Europe 600 Healthcare Net Total Return Index via indirect replication using total return swaps",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (Developed markets in Europe, including EU and EEA countries)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Counterparty risk exposure",
        "Use of financial derivative instruments integral to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method by entering into over-the-counter total return swap contracts to achieve its investment objective, as explicitly stated in both the KIID and PRIIPs KID. The fund invests in a diversified portfolio of equities but exchanges performance via swaps, indicating synthetic replication. The risk disclosures highlight counterparty risk associated with these derivatives. The fund is UCITS compliant and invests primarily in European healthcare equities. There is no leverage or inverse exposure. The risk rating is moderate (4/7), but the presence of swaps and derivative instruments integral to the strategy, along with counterparty risk, triggers MiFID II complexity classification. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The factsheet confirms synthetic replication and swap usage, with no leverage or complex underlying assets beyond equities. Therefore, despite a moderate risk profile and straightforward equity exposure, the synthetic replication via swaps and associated counterparty risk make this ETF complex under MiFID II."
}