{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI ETF MSCI FRANCE UCITS ETF uses swap-based replication of the Index via a total return swap (TRS) derivative instrument. This use of derivatives, specifically total return swaps, is a primary driver for classifying this ETF as complex under MiFID II. The associated risks, such as counterparty risk (the risk that the swap provider defaults) and collateral risk, are difficult for retail investors to understand. While the underlying index (MSCI France) is standard, the synthetic replication method introduces a layer of complexity beyond physical replication. The KIID explicitly mentions 'Counterparty risk' as a particular risk for the UCITS, further reinforcing this classification. According to MiFID II guidelines, the use of derivatives integral to achieving the investment objective, as is the case with synthetic replication, generally leads to a complex classification. Therefore, despite being a UCITS ETF and generally presumed non-complex, the reliance on swaps for replication makes it complex for the purposes of MiFID II appropriateness and execution-only requirements."
    }
}