{
    "fund_name": "AMUNDI MSCI SWITZERLAND UCITS ETF - CHF",
    "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 from swap agreements"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve exposure to the MSCI Switzerland Index. While the underlying index is straightforward (Swiss equities), the use of derivatives for replication introduces counterparty risk and operational complexity. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and references 'counterparty risk' as a material risk. The synthetic nature of the replication, combined with the derivative exposure, meets MiFID II criteria for complexity, even though the ETF is not leveraged or inverse. The risk profile is rated 3/7, which is moderate, but the derivative-based structure requires specialist knowledge to fully understand the risks.",
    "confidence": 90
}