{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi STOXX Europe 600 Industrials UCITS ETF Acc",
    "investment_objective": "Track the performance of STOXX Europe 600 Industry Industrials 30-15 Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe (Developed markets in Europe)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Total return swap usage",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication method via total return swaps (financial derivative instruments) to achieve exposure to the STOXX Europe 600 Industrials Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with references to total return swaps and counterparty risk. The fund is UCITS compliant but employs synthetic replication rather than physical replication. There is no leverage or inverse exposure. The risk profile is medium-high (5/7), partly due to derivative and counterparty risks. Costs are straightforward with no performance fees, but swap and derivative usage inherently add complexity. The underlying index is a broad, liquid equity index, but the use of swaps and counterparty exposure makes the product complex under MiFID II. The PRIIPs KID does not include a comprehension warning but confirms the medium-high risk and derivative usage. The factsheet confirms synthetic replication and swap usage, with no leverage or structured capital protection features. Overall, the presence of total return swaps and counterparty risk drives the classification as complex despite the straightforward equity index exposure and absence of leverage.",
    "risk_level": 5
}