{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI SWITZERLAND UCITS ETF - CHF",
    "investment_objective": "Track the performance of MSCI Switzerland Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Switzerland",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Total return swap",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via a total return swap (financial derivative instrument) to achieve exposure to the MSCI Switzerland Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming the use of swaps. There is no leverage or inverse exposure mentioned. The fund is UCITS compliant. The risk profile is medium (4/7), reflecting market and counterparty risks. The risk disclosures highlight counterparty risk due to swap usage. Costs are straightforward with no performance fees but include ongoing charges of 0.25%. The synthetic replication and swap usage, combined with counterparty risk, are key complexity drivers under MiFID II. The underlying index is a standard equity index without complex structured products or contingent bonds. The PRIIPs KID does not include a comprehension warning but confirms derivative use as integral, not just for risk management. Therefore, despite a moderate risk profile and no leverage, the presence of funded total return swaps and counterparty risk classifies this ETF as complex under MiFID II."
}