{
    "name": "Amundi MSCI Brazil UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Financial derivative instruments"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract (financial derivative instrument) to track the MSCI Brazil Net Total Return Index. This introduces counterparty risk with entities like Morgan Stanley Bank AG and Societe Generale, as explicitly mentioned in the factsheet. The KIID also highlights risks associated with financial derivative instruments, including leverage risk, high volatility risk, and liquidity risk. The presence of these derivative instruments and the synthetic replication method are key indicators of complexity under MiFID II. Additionally, the ETF's exposure to emerging market risks and the use of swaps for replication further contribute to its classification as a complex instrument.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": "The MSCI Brazil Index is not inherently complex, but the synthetic replication method adds layers of risk and complexity.",
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the use of synthetic replication via swaps and the associated counterparty risks are sufficient to classify it as complex under MiFID II. The factsheet explicitly mentions the counterparty risk with specific financial institutions, reinforcing this classification."
}