{
    "fund_name": "AMUNDI MSCI EUROPE VALUE FACTOR UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure",
        "Indirect replication methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the MSCI Europe Value Index, which introduces counterparty risk and makes the investment strategy more complex than physical replication. The KIID explicitly states that derivatives are integral to the Sub-Fund's investment strategy, and the fact sheet confirms the replication type as 'synthetic'. While the ETF does not use leverage or inverse strategies, the reliance on swaps and indirect replication methods triggers the MiFID II complexity classification. The risk profile includes counterparty risk, which is a key complexity indicator under MiFID II. The ETF is UCITS-compliant, but the use of derivatives for replication rather than efficient portfolio management or hedging makes it complex.",
    "confidence": 90
}