{
    "name": "Amundi MSCI India II UCITS ETF USD Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to track the MSCI India Index, exposing investors to counterparty risk and derivative-related risks. The KIID explicitly mentions the use of financial derivative instruments (FDIs) and counterparty exposure, which are key indicators of complexity under MiFID II. The presence of swap agreements and the associated risks, such as liquidity and valuation risks, further support the classification as complex. Additionally, the ETF's risk profile includes significant disclosures about derivative-related risks, which are not typically present in non-complex instruments.",
    "confidence": 95,
    "risk_level": 5,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": false,
    "gearing": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "controversial_elements": "While the ETF does not use leverage or inverse strategies, the use of swaps and derivatives for replication introduces complexity that may not be easily understood by retail investors. The counterparty risk and the potential for significant tracking error due to derivative usage are key factors in this classification. The ETF's risk profile and the need for investors to understand the implications of synthetic replication justify the 'complex' classification under MiFID II."
}