{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI EMERGING MARKETS UCITS ETF - USD",
    "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 method via total return swaps to achieve exposure to the MSCI Emerging Markets Index, explicitly stated as integral to the investment strategy. The KIID and PRIIPs KID both confirm the use of total return swaps (financial derivative instruments) and highlight counterparty risk as a material risk. The replication is synthetic, not physical, confirmed by the factsheet. 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 swap structure introduces 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 through swap usage. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but does emphasize counterparty and liquidity risks. Overall, the presence of funded total return swaps and counterparty risk exposure classifies this ETF as complex under MiFID II rules despite a moderate risk profile and no leverage."
}