{
    "fund_name": "Amundi MSCI Pacific Ex Japan UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Potential for tracking error"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract with counterparties like Morgan Stanley and Societe Generale. While the swap exposure is capped at 10% of fund assets (per UCITS rules), the use of derivatives and counterparty risk makes this product complex under MiFID II. The fact sheet confirms the replication is synthetic and highlights counterparty risk as a material factor. While the underlying index (MSCI Pacific Ex Japan) is straightforward, the synthetic structure introduces complexity through derivative exposure and potential tracking error. The risk profile mentions financial derivative risks including leverage, volatility, and liquidity risks that may not be fully captured by the SRRI. The ETF's use of derivatives goes beyond simple efficient portfolio management, making it complex for retail investors to fully understand without specialist knowledge.",
    "confidence": 85
}