{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI Japan UCITS ETF Acc",
    "investment_objective": "To reflect the upward and downward evolution of the MSCI Japan Net Total Return Index (net dividends reinvested) while minimizing tracking error.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Japan",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Use of OTC swaps for securities lending and replication optimization",
    "classification": "complex",
    "supporting_data": "The ETF primarily uses physical replication and sampling to track the MSCI Japan Net Total Return Index, investing directly in underlying equities. However, the factsheet explicitly states the use of OTC swaps with Morgan Stanley Bank AG and Societe Generale, with counterparty exposure capped at 10% of total assets, indicating synthetic elements. The KIID and PRIIPs documents confirm derivative use but clarify that derivatives are used for replication optimization and securities lending rather than as an inherent leveraged or inverse strategy. No leverage or inverse exposure is present. The risk profile is medium (4/7), consistent with equity market risk. The presence of OTC swaps and counterparty risk, even if limited, triggers MiFID II complexity classification. Costs are straightforward with no performance fees, and ongoing charges are low (0.12%). The underlying index is a broad, liquid large and mid-cap Japanese equity index, with no complex structured products or contingent bonds. The PRIIPs KID does not include a comprehension warning but notes liquidity and counterparty risks. Overall, the synthetic element via OTC swaps and counterparty risk leads to a 'complex' classification under MiFID II despite physical replication being the primary method and no leverage or inverse exposure."
}