{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Synthetic replication using total return swaps",
            "Counterparty risk",
            "Collateral risk"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI MSCI Emerging Markets III UCITS ETF USD Acc explicitly states in its Objectives and Investment Policy that it aims to achieve its objective through **indirect replication, namely by entering into one or more over-the-counter total return swaps (financial derivative instruments)**. This use of derivatives as the primary method for tracking the index's performance is a key indicator of complexity. The KIID also highlights **Counterparty risk** and **Risk related to the use of derivative instruments** as particular risks for the UCITS not included in the general risk indicator. MiFID II rules and ESMA guidelines clearly classify instruments that use derivatives centrally for replication as complex due to the inherent risks such as counterparty and collateral risk, which are not easily understood by retail investors. The use of total return swaps directly links the ETF's performance to the index via a derivative contract, making its structure and risks more opaque than physical replication."
    }
}