{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swap",
        "Counterparty risk exposure",
        "Use of financial derivative instruments integral to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The Amundi STOXX Europe 600 Utilities UCITS ETF Acc is a UCITS-compliant ETF that tracks the STOXX Europe 600 Utilities Net Total Return Index using an indirect (synthetic) replication method via an over-the-counter total return swap. The KIID and PRIIPs KID explicitly state that the Fund invests in financial derivative instruments (FDI), specifically total return swaps, to achieve its investment objective. This introduces counterparty risk, as noted in the risk disclosures. There is no leverage or inverse exposure mentioned, and the risk rating is moderate (4 out of 7). The Fund invests primarily in equities but does not physically hold the underlying securities, instead gaining exposure synthetically. The use of swaps and derivatives as an inherent part of the investment strategy, along with counterparty risk, triggers the MiFID II complexity classification. The costs are straightforward with no performance fees, but the synthetic structure and swap usage are the main complexity drivers. The PRIIPs KID does not include a specific comprehension warning but confirms the integral use of derivatives. The factsheet confirms synthetic replication and swap usage, with no leverage or capital protection features. Therefore, despite a moderate risk profile and no leverage, the synthetic replication via swaps and associated counterparty risk classify this ETF as complex under MiFID II."
}