{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps (financial derivative instruments) to track the MSCI India Index, which introduces counterparty risk and complexity. The KIID explicitly mentions exposure to derivative instruments and counterparty risk, with a maximum 10% exposure to any single counterparty. The factsheet confirms the use of OTC swaps with Morgan Stanley Bank AG and Societe Generale, reinforcing the synthetic replication method. While the ETF does not employ leverage or inverse strategies, the reliance on swaps and the associated counterparty risks make it complex under MiFID II. The risk profile (SRRI 6) and the need for investors to understand swap agreements and counterparty exposure further support this classification.",
    "confidence": 90,
    "counter_argument": "Some may argue that synthetic replication is common in ETFs and that the counterparty risk is limited to 10%, which is a standard UCITS requirement. However, MiFID II explicitly flags synthetic replication and swap usage as complexity indicators, particularly when involving OTC derivatives. The presence of counterparty risk and the need for investors to understand these mechanisms justify the 'complex' classification.",
    "risk_level": 6
}