{
    "name": "Amundi MSCI Greece UCITS ETF Dist",
    "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 Greece IMI + Coca-Cola 20-35 Net Total Return Index. This involves counterparty risk with entities like Morgan Stanley Bank AG and Societe Generale, with exposure capped at 10% per counterparty. The KIID explicitly mentions risks related to financial derivative instruments (FDIs) and counterparty default, which are key indicators of complexity under MiFID II. The use of unfunded swaps and the associated risks, including liquidity and valuation risks, further contribute to the classification as a complex instrument. While the ETF is UCITS-compliant and has a straightforward equity focus, the synthetic replication method and the inherent risks of swaps and derivatives make it complex.",
    "confidence": 95,
    "risk_level": 5,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": "The benchmark includes a custom modification (Coca-Cola 20-35) which adds a layer of complexity beyond a standard index."
}