{
    "fund_name": "AMUNDI MSCI SWITZERLAND UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps, which introduces counterparty risk and derivative exposure. While the underlying index (MSCI Switzerland) is straightforward, the use of swaps for replication triggers MiFID II complexity classification. The KIID explicitly mentions 'total return swap' and 'derivative instruments' as integral to the strategy, with counterparty risk highlighted in the risk section. The PRIIPs KID and factsheet confirm the synthetic replication method. While the ETF has no leverage or inverse exposure, the derivative-based replication structure and counterparty risk make it complex under MiFID II.",
    "confidence": 90
}