{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI Indonesia UCITS ETF Acc",
    "investment_objective": "Track the MSCI Indonesia Net Total Return index via indirect replication using OTC swap contracts",
    "primary_asset_class": "Equity",
    "geographic_focus": "Indonesia",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swaps",
        "Counterparty risk exposure",
        "Use of financial derivative instruments",
        "Emerging market equity exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication through over-the-counter swap contracts (financial derivative instruments) with counterparties such as Morgan Stanley Bank AG and Societe Generale, exposing investors to counterparty risk capped at 10% of fund assets. The fund invests in international equities but achieves index exposure synthetically via swaps rather than physical replication. The risk disclosures highlight derivative-related risks including leverage risk, valuation risk, and liquidity risk. The fund is UCITS compliant but the synthetic replication and swap usage are key complexity drivers under MiFID II. There is no leverage or inverse exposure, and the risk level is medium-high (5/7). The underlying index is an emerging market equity index (MSCI Indonesia Net Total Return), which adds complexity due to market volatility and liquidity considerations. Costs are straightforward with no performance fees, but swap fees and derivative costs are implicit. The PRIIPs KID confirms the synthetic replication and counterparty risk, and the factsheet explicitly states the replication type as synthetic and the use of OTC swaps. No capital protection or structured features are present. Overall, the synthetic replication via swaps and associated counterparty risk mandate classification as complex under MiFID II, despite the fund's straightforward equity index tracking objective and absence of leverage."
}