{
    "fund_name": "AMUNDI MSCI INDIA 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 from swap agreements",
        "Indirect replication methodology",
        "Emerging market equity exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the MSCI India Index, which introduces counterparty risk and derivative exposure. While the fund does not employ leverage or inverse strategies, the use of derivatives for core replication (rather than just efficient portfolio management) and the emerging market focus contribute to its complexity under MiFID II. The KIID explicitly mentions counterparty risk and the indirect replication method, which are key complexity indicators. The PRIIPs KID and factsheet confirm the synthetic replication approach and derivative usage, reinforcing the classification.",
    "confidence": 90,
    "risk_level": "Medium to High (SRRI 5-6)",
    "counter_argument": "One could argue that the fund's straightforward equity index tracking and lack of leverage might justify a non-complex classification. However, the MiFID II guidelines explicitly consider synthetic replication with derivatives as a complexity factor, especially when it involves counterparty risk and indirect exposure to the underlying assets.",
    "overriding_reason": "The presence of synthetic replication via swaps and the associated counterparty risk are primary drivers for the complex classification, as these factors are explicitly cited in MiFID II's complexity criteria for ETFs."
}