{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI INDIA UCITS ETF - USD",
    "investment_objective": "Track the performance of MSCI India Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "India",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps (financial derivative instruments) to achieve exposure to the MSCI India Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming the use of synthetic replication. There is no leverage or inverse exposure mentioned. The fund is UCITS compliant and invests in a liquid equity index of Indian stocks. The risk profile is medium-high (5/7), reflecting emerging market equity risk and counterparty risk from swap counterparties. The presence of total return swaps and counterparty risk, combined with synthetic replication, triggers MiFID II complexity classification. No capital protection or structured features are present. Costs include ongoing charges of 0.80%, with no performance fees. The PRIIPs KID does not include a comprehension warning but highlights counterparty and liquidity risks. The factsheet confirms synthetic replication and swap usage, with very low tracking error and no leverage. Overall, the use of total return swaps as a core element of the strategy and counterparty risk exposure make this ETF complex under MiFID II rules despite a straightforward equity index objective and no leverage."
}