{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI Pacific Ex Japan UCITS ETF Dist",
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swap",
        "Counterparty risk exposure",
        "Use of derivatives inherent to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant fund tracking the MSCI Pacific Ex Japan Net Total Return Index. The KIID explicitly states that the fund achieves its investment objective via indirect replication by entering into an over-the-counter swap contract (financial derivative instrument). The factsheet confirms the replication type as 'synthetical' and identifies counterparties such as Morgan Stanley Bank AG and Societe Generale, with counterparty exposure limited to 10% of total assets. The PRIIPs KID clarifies that derivatives are used for investment purposes rather than solely for risk management. There is no leverage or inverse exposure. The underlying assets are equities from developed markets in the Pacific region excluding Japan, which are liquid and transparent. The risk profile is medium (4 out of 7), consistent with equity market exposure and derivative use. Costs are straightforward with no performance fees, and ongoing charges are low (0.12%). The presence of synthetic replication via swaps and counterparty risk exposure are key MiFID II complexity drivers, making the ETF complex despite the absence of leverage or structured capital protection features."
}