{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication"
    ],
    "classification": "complex",
    "supporting_data": "The AMUNDI MSCI SWITZERLAND UCITS ETF uses an indirect replication methodology via total return swaps, which are financial derivative instruments integral to the investment strategy. The KIID and PRIIPs KID explicitly state the use of total return swaps to deliver index performance, indicating synthetic replication rather than physical replication. There is no leverage or inverse exposure mentioned. The fund is UCITS compliant and invests in a straightforward equity index (MSCI Switzerland), but the use of derivatives (total return swaps) as a core part of the strategy triggers complexity classification under MiFID II. The risk profile is medium (4 out of 7), reflecting market risk and counterparty risk due to swap usage. No capital protection or structured features are present. Costs are straightforward with no performance fees, but swap usage implies counterparty risk and derivative complexity. The factsheet confirms synthetic replication and no leverage. Therefore, despite a simple underlying index and moderate risk profile, the synthetic swap-based replication makes this ETF complex under MiFID II rules."
}