{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI EMERGING MARKETS UCITS ETF - EUR",
    "investment_objective": "Track the performance of MSCI Emerging Markets Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps to achieve exposure to the MSCI Emerging Markets Index, which is a synthetic replication method. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, with total return swaps delivering index performance. The fund is UCITS compliant but involves counterparty risk due to swap usage. There is no leverage or inverse exposure. The underlying index is a broad equity index of emerging markets, which is relatively straightforward but the synthetic structure and swap counterparty risk introduce complexity. The risk profile is medium (4/7), reflecting market and counterparty risks. Costs are straightforward with no performance fees but include derivative-related costs implicitly. The factsheet confirms synthetic replication and swap usage. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but the use of swaps and counterparty risk are complexity drivers under MiFID II. Therefore, despite a moderate risk profile and no leverage, the synthetic replication via total return swaps and associated counterparty risk classify this ETF as complex under MiFID II rules."
}