{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Collateral Risk"
        ],
        "classification": "complex",
        "supporting_data": "The Amundi MSCI World Health Care UCITS ETF EUR Acc employs indirect replication by entering into an over-the-counter swap contract. This use of financial derivative instruments (FDI) as the primary method for tracking the benchmark index, as detailed in the Objectives and Investment Policy section, is a key indicator of complexity. The KID explicitly mentions 'Counterparty risk' and 'Risk of Financial derivative Instruments' as important risks. MiFID II guidelines, particularly the CESR consultation paper, highlight that the use of derivatives integral to achieving an investment objective, such as swaps for index replication, introduces risks like counterparty and collateral risk that are difficult for retail investors to understand, thereby classifying the instrument as complex. Even if the derivative use is limited to efficient portfolio management, regulators like ESMA may flag it as complex due to counterparty risk. In this case, the swap is central to the replication strategy, not merely for EPM."
    }
}