{
    "fund_name": "AMUNDI MSCI NORDIC UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Potential counterparty risk from derivative exposure",
        "Use of derivatives for efficient portfolio management (not inherently complex but contributes to complexity assessment)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps to achieve its investment objective, which introduces counterparty risk and complexity beyond physical replication. While the derivatives are used for efficient portfolio management rather than leverage or inverse strategies, the presence of swaps and the synthetic structure trigger MiFID II complexity classification. The fund's risk profile is primarily market risk from Nordic equities, but the derivative exposure adds layers of risk (counterparty, operational) that may not be immediately apparent to retail investors. The KIID and factsheet confirm the synthetic replication method and derivative usage, which are key factors in the complexity determination. The fund's low tracking error and straightforward equity exposure mitigate some complexity, but the synthetic structure is the primary driver of the 'complex' classification.",
    "confidence": 85
}