{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swap Usage for Index Replication",
            "Counterparty Risk",
            "Synthetic Replication",
            "Opacity of Structure"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI GLOBAL INFRASTRUCTURE - UCITS ETF is classified as complex primarily due to its investment policy and replication method. Although it is a UCITS ETF, which are generally presumed non-complex, this presumption is overturned by specific features. The fund explicitly states it will apply an 'Indirect Replication methodology' by investing into a 'total return swap' to track its index. It further clarifies that 'Derivatives are integral to the Sub-Fund's investment strategies', meaning they are central to achieving its investment objective, not merely for efficient portfolio management. This synthetic replication method, relying on swaps, introduces opacity and risks such as counterparty risk (explicitly listed in the KID), which are deemed difficult for an average retail investor with basic knowledge to understand. According to the MiFID II rules, if derivatives are integral to achieving the investment objective or if any swap usage is identified, the classification must be 'complex'."
    }
}