{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps with counterparties like Morgan Stanley and Societe Generale, which introduces counterparty risk. The MSCI Greece IMI + Coca-Cola 20-35 Net Total Return Index includes a complex methodology with capped weights and a single large constituent (Coca-Cola HBC) representing 16.02% of the index. While the ETF is UCITS-compliant and has a straightforward equity exposure, the use of swaps and the index's complexity make it a 'complex' financial instrument under MiFID II. The fact that the ETF is eligible for the French Equity Savings Plan (PEA) suggests it is not overly complex, but the derivative usage and counterparty risk override this. The PRIIPs KID and factsheet confirm the synthetic replication and counterparty risk, reinforcing the complexity classification.",
    "confidence": 90
}