{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap (TRS derivative instrument) to track the MSCI France Index, which introduces counterparty risk and complexity. The KIID explicitly mentions 'swap-based replication of the Index' and highlights counterparty risk as a significant factor. While the ETF does not employ leverage or inverse strategies, the use of swaps for replication purposes qualifies it as complex under MiFID II due to the inherent risks and the need for investors to understand the mechanics of synthetic replication and counterparty exposure.",
    "confidence": 90,
    "risk_level": 4,
    "counterparty_risk": true,
    "benchmark_complexity": false,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "comprehension_warning": false,
    "additional_notes": "The ETF is UCITS-compliant and physically backed to at least 75% in eligible French equities, but the synthetic replication via swaps is the primary driver of its complexity classification. The factsheet confirms the use of swaps, and the KIID explicitly warns about counterparty risk, reinforcing the complexity assessment."
}