{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI India II UCITS ETF EUR Acc",
    "investment_objective": "Replicate the USD-denominated MSCI India Net Total Return Index (net dividends reinvested), tracking large- and mid-cap Indian equities with minimized tracking error.",
    "primary_asset_class": "Equity",
    "geographic_focus": "India (Emerging Markets Asia)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Emerging Market Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication via OTC total return swaps (financial derivative instruments) with counterparties such as Morgan Stanley Bank AG and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, confirmed by the KIID and factsheet. The fund is UCITS compliant but exposes investors to counterparty risk limited to 10% per counterparty. There is no leverage or inverse exposure. The underlying index is an emerging market equity index (MSCI India Net Total Return), which can be volatile and complex due to emerging market risks. The risk indicator is 5/7, indicating medium-high risk. The use of synthetic replication with swaps, counterparty risk disclosures, and emerging market exposure are key complexity drivers under MiFID II. The derivatives are used as an inherent part of the replication strategy, not merely for risk management, so 'derivatives' is false only if used for risk management, but here swaps are core to replication, so 'swaps' = true and classification is complex. No capital protection or leverage is present. Costs include ongoing charges of 0.85%, no performance fees, and no leverage. The PRIIPs KID does not contain a specific comprehension warning but confirms medium-high risk and counterparty risk. Overall, the synthetic replication via swaps and counterparty risk are the main complexity factors making this ETF complex under MiFID II despite no leverage or capital protection features."
}