{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI India II UCITS ETF USD 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",
    "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) 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 whose performance is swapped for that of the MSCI India Net Total Return Index. The use of OTC swaps introduces counterparty risk, which is disclosed and capped at 10% exposure per counterparty. The replication method is synthetic, not physical. There is no leverage or inverse exposure. The underlying index tracks emerging market equities in India, which adds complexity due to market volatility and liquidity risks. The risk profile is medium-high (5/7), reflecting equity market risk and derivative counterparty risk. Costs are straightforward with no performance fees, but ongoing charges include swap-related costs embedded in the TER of 0.85%. The PRIIPs KID does not include a comprehension warning but highlights medium-high risk and liquidity risk. The factsheet confirms synthetic replication and counterparty risk with Morgan Stanley and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale as swap counterparties. Given the synthetic replication via swaps and counterparty risk, the ETF is classified as complex under MiFID II, despite no leverage or capital protection features."
}