{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI EM ASIA UCITS ETF - USD",
    "investment_objective": "Track the performance of MSCI Emerging Markets Asia Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets Asia",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Counterparty risk exposure",
        "Use of derivatives integral to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology investing in total return swaps to achieve exposure to the MSCI Emerging Markets Asia Index, as explicitly stated in both the KIID and PRIIPs KID documents. Derivatives are integral to the investment strategy rather than used solely for risk management, confirming 'derivatives' and 'swaps' as true. There is no leverage or inverse exposure mentioned. The fund is UCITS compliant and invests in a large basket of emerging market Asian equities, which are generally liquid and transparent. The risk profile is medium (4 out of 7), reflecting market and emerging market risks, but not elevated due to leverage. The presence of total return swaps and counterparty risk disclosures, along with synthetic replication, are key MiFID II complexity indicators. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The PRIIPs KID does not carry a specific comprehension warning but confirms the use of derivatives as integral. The factsheet confirms synthetic replication and no leverage. Therefore, despite a moderate risk profile and straightforward underlying assets, the synthetic swap-based replication and counterparty risk exposure classify this ETF as complex under MiFID II."
}