{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI Brazil UCITS ETF Acc",
    "investment_objective": "Track the MSCI Brazil Net Total Return Index via indirect replication using OTC swap contracts",
    "primary_asset_class": "Equity",
    "geographic_focus": "Brazil / Latin America",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Counterparty risk exposure",
        "Use of derivatives as inherent part of strategy",
        "Emerging market equity exposure",
        "Tracking error risk",
        "Potential liquidity risk"
    ],
    "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 international equities but achieves index exposure via total return swaps, which introduces counterparty risk and derivative-related risks. The risk indicator is high (6/7), reflecting significant market and counterparty risks. The fund is UCITS compliant but uses derivatives not just for risk management but as a core part of its replication strategy, making 'derivatives' true. There is no leverage or inverse exposure. The underlying index is an emerging market equity index (MSCI Brazil), which adds complexity due to market volatility and liquidity considerations. Costs include ongoing charges but no performance fees. The PRIIPs KID confirms a high risk rating and no capital protection. The synthetic replication and swap usage are the main drivers of complexity under MiFID II, despite the fund's straightforward equity index tracking objective. The presence of counterparty risk and derivative instruments used inherently in the strategy mandates classification as complex."
}