{
    "fund_name": "Amundi Pan Africa UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Emerging market equities complexity",
        "Potential tracking error"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (FDI) to track the SGI Pan Africa Net Total Return index. This introduces counterparty risk (Morgan Stanley Bank AG, Societe Generale) and potential tracking error. The underlying index consists of emerging market equities, which are inherently more complex and volatile. While the ETF itself is not leveraged or inverse, the use of derivatives for replication and the emerging market focus make it complex under MiFID II. The fact sheet confirms the synthetic replication method and highlights counterparty risk as a key risk factor.",
    "confidence": 90
}