{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI Greece UCITS ETF Dist",
    "investment_objective": "Replicate the EUR-denominated MSCI Greece IMI + Coca-Cola 20-35 Net Total Return Index performance with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Greece (with minimum 75% EU equities exposure)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Counterparty risk exposure",
        "Use of derivatives inherent to replication strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication through one or more OTC total return swaps (financial derivative instruments) to achieve its investment objective, as explicitly stated in both the KIID and PRIIPs KID. The fund invests in a diversified portfolio of international equities whose performance is swapped for that of the MSCI Greece IMI + Coca-Cola 20-35 Net Total Return Index. The use of synthetic replication and OTC swaps inherently exposes investors to counterparty risk, which is disclosed and capped at 10% per counterparty. The fund is UCITS compliant but the synthetic replication method and derivative use are core to the strategy, not merely for risk management. There is no leverage or inverse exposure. The risk profile is medium-high (5/7), reflecting equity market risk and derivative-related risks including counterparty and liquidity risks. Costs are straightforward with no performance fees, but derivative-related costs are implicit in swap agreements. The underlying index is a standard MSCI equity index with a capped weight structure, not inherently complex. However, the synthetic replication and counterparty exposure elevate the complexity classification under MiFID II. No capital protection or structured features are present. The PRIIPs KID does not include a specific comprehension warning but confirms the use of OTC swaps and counterparty risk. The factsheet confirms the synthetic replication method and counterparty exposure to Morgan Stanley and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale. Overall, the presence of synthetic replication via swaps and counterparty risk mandates classification as complex under MiFID II, despite the fund's straightforward equity index objective and moderate risk profile."
}