{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI AC Asia Pacific Ex Japan UCITS ETF Acc",
    "investment_objective": "Track the MSCI AC Asia Pacific ex Japan Net Total Return Index via indirect replication using OTC swap contracts",
    "primary_asset_class": "Equity",
    "geographic_focus": "Asia Pacific ex Japan",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via over-the-counter swap contracts (financial derivative instruments) to achieve its investment objective, as explicitly stated in both the KIID and PRIIPs KID. The fund invests in a diversified portfolio of international equities and swaps the performance against the benchmark index. The factsheet confirms the replication type as 'synthetical' and identifies counterparty risk exposure to Morgan Stanley Bank AG and Societe Generale, with counterparty exposure limited to 10% of total assets. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the strategy rather than solely for risk management, so 'derivatives' is marked false per instructions. The fund is UCITS compliant. The risk profile is medium (4 out of 7), consistent with equity market exposure and swap counterparty risk. No capital protection or structured features are present. Costs are straightforward with a 0.60% ongoing charge and no performance fees. The use of OTC swaps and counterparty risk, combined with synthetic replication, triggers MiFID II complexity classification despite the fund's straightforward equity index tracking objective and moderate risk level. There is no mention of leverage, inverse exposure, or complex underlying assets such as contingent bonds. The complexity arises primarily from the synthetic replication method and counterparty risk inherent in swap usage."
}