{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi Pan Africa UCITS ETF Acc",
    "investment_objective": "Track the SGI Pan Africa Net Total Return index via indirect replication using OTC swap contracts",
    "primary_asset_class": "Equity",
    "geographic_focus": "African equities markets and companies with main activity on the African continent",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Counterparty risk exposure",
        "Emerging markets equity exposure",
        "Use of financial derivative instruments (FDI)",
        "Tracking error risk",
        "Liquidity risk in emerging markets"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through OTC swap contracts with counterparties such as Morgan Stanley Bank AG and Societe Generale, explicitly stated in the KIID and factsheet. The fund invests in a diversified portfolio of international equities and swaps their performance against the benchmark index. The use of swaps is inherent to the investment strategy, not merely for risk management, thus derivatives exposure is true. There is no leverage or inverse exposure. The fund is UCITS compliant. The risk profile is medium-high (5/7), reflecting emerging market equity risks, counterparty risk from swap counterparties, and liquidity risk. The factsheet confirms counterparty exposure limited to 10% of assets, and the synthetic replication method. No capital protection or structured features are present. Costs include ongoing charges of 0.85%, no performance fees, and no complex fee structures. The PRIIPs KID does not include a comprehension warning but confirms the medium-high risk and counterparty risk. Overall, the synthetic replication via OTC swaps and counterparty risk exposure drive the MiFID II classification as complex, despite the absence of leverage or structured capital protection features."
}