{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi MSCI Korea UCITS ETF Acc",
    "investment_objective": "Track the MSCI Korea 20/35 Net Total Return Index via indirect replication minimizing tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Korea (Asia)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swap",
        "Counterparty risk exposure",
        "Use of financial derivative instruments (FDI)",
        "Tracking a complex MSCI Korea 20/35 index with sector and group weight constraints"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses indirect replication through an OTC swap contract with counterparties Morgan Stanley Bank AG and Societe Generale, confirmed by both the KIID and the factsheet. The fund invests in a diversified portfolio of international equities and exchanges performance via the swap to track the MSCI Korea 20/35 Net Total Return Index. The use of swaps and financial derivative instruments is explicit and inherent to the investment strategy, not merely for risk management. The factsheet states counterparty exposure is limited to 10% of fund assets but is material. The risk profile is medium-high (SRRI 5/7), with derivative-related risks including leverage risk, valuation risk, and liquidity risk disclosed. No leverage or inverse exposure is present. The underlying index is complex due to group weight caps and emerging market exposure. Costs include a TER of 0.45% with no performance fees. The PRIIPs KID does not include a comprehension warning but confirms medium-high risk and derivative use. Overall, the synthetic replication via swaps and counterparty risk exposure drive the MiFID II classification as complex despite the fund being UCITS compliant and having no leverage or capital protection features."
}