{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI Semiconductors ESG Screened UCITS ETF Acc",
    "investment_objective": "Track the MSCI ACWI Semiconductors & Semiconductor Equipment ESG Filtered Net Total Return Index with ESG best-in-class screening",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (Developed and Emerging Markets)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swap",
        "Counterparty risk exposure",
        "Use of derivatives inherent to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through an OTC swap contract with counterparties such as Morgan Stanley Bank AG and Societe Generale, as explicitly stated in the KIID and factsheet. The fund invests in a diversified portfolio of equities but exchanges performance via a total return swap, indicating derivative use is inherent to the strategy, not merely for risk management. The factsheet confirms counterparty exposure limited to 10% of assets, highlighting counterparty risk. There is no leverage or inverse exposure. The replication method is synthetic, not physical, which is a key complexity indicator under MiFID II. The risk profile is medium-high (5/7), with derivative-related risks such as leverage risk, valuation risk, and liquidity risk disclosed. Costs are straightforward with no performance fees, but swap-related costs are implicit. The PRIIPs KID does not contain a comprehension warning but confirms derivative use. The underlying index is an ESG screened semiconductor equity index, which is transparent and liquid, so underlying asset complexity is low. However, the synthetic swap structure and counterparty risk drive the classification as complex under MiFID II rules."
}