{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps, currency hedging strategy.",
        "classification": "complex",
        "supporting_data": "The AMundi FTSE 100 UCITS ETF EUR Hedged Acc utilizes synthetic replication, employing an over-the-counter swap contract (financial derivative instrument, the 'FDI') to track the benchmark index. The Fund enters into a daily currency hedging strategy which aims at reducing the impact of a change in the share class currency against the currency of the Benchmark index constituents. This structure introduces counterparty risk (from the swap provider) and other complexities associated with derivatives that are difficult for retail investors to understand, making the ETF complex under MiFID II. The document also states it uses a daily hedging strategy - this does not make an instrument complex, the underlying swap structure does. The use of derivatives, specifically swaps, to replicate the index performance is the primary driver of the complex classification. Additionally the fact that the index is hedged for currency risk adds to the complexity and lack of understanding for the retail investor. Also the tracking methodology is not direct ownership of the underlying shares, rather it is replication.",
        "recommendation": "Complex"
    }
}