{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI INDIA UCITS ETF - EUR",
    "investment_objective": "Track the performance of MSCI India Index with minimized tracking error",
    "primary_asset_class": "equity",
    "geographic_focus": "India / Emerging Markets",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via a total return swap to achieve exposure to the MSCI India Index, which is explicitly stated as a financial derivative instrument integral to the investment strategy. The KIID and PRIIPs documents confirm the use of total return swaps and derivative instruments, indicating synthetic replication rather than physical replication. There is no leverage or inverse exposure mentioned. The underlying asset class is equity, focused on Indian market securities, which are liquid and transparent. The risk profile is medium-high (5/7), reflecting emerging market equity risk and counterparty risk from swap counterparties. The fund is UCITS compliant. Costs include a 0.80% ongoing charge with no performance fees. The PRIIPs KID does not include a comprehension warning but highlights counterparty risk and liquidity risk. The factsheet confirms synthetic replication and swap usage, with very low tracking error and no leverage. According to MiFID II criteria, the presence of synthetic replication via total return swaps and counterparty risk exposure classifies this ETF as complex, despite the absence of leverage or complex underlying assets like contingent bonds. The linearity of returns is affected by the swap structure and counterparty risk, which may reduce retail investors' ability to fully understand the product's risk profile.",
    "risk_level_assessment": "The fund's stated risk level is 5 out of 7, indicating medium-high risk primarily due to emerging market equity exposure and counterparty risk from the swap structure. This aligns with the complexity classification, as the derivative and swap usage introduces additional risks beyond straightforward physical replication ETFs."
}