{
    "name": "Amundi MSCI Emerging Ex China UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Financial Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (financial derivative instrument) to track the MSCI Emerging Markets Ex China Net Total Return Index. This introduces counterparty risk and derivative-related risks, which are explicitly mentioned in the KIID. The presence of swap agreements and the associated risks, such as counterparty exposure and potential liquidity issues, contribute to the complexity. Additionally, the ETF's risk profile includes significant market risk from emerging markets equities, which can be volatile and less transparent than developed markets.",
    "confidence": 90,
    "risk_level": 5,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": "The MSCI Emerging Markets Ex China Index is complex due to its exposure to a broad range of emerging markets, which can exhibit higher volatility and less liquidity compared to developed markets. The index's composition and the need for synthetic replication add layers of complexity.",
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the use of synthetic replication and the associated risks make it a complex instrument under MiFID II. The counterparty risk from the swap agreements and the potential for significant tracking error further support this classification."
}