{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Collateral Risk",
            "Index Complexity"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI NASDAQ-100 UCITS ETF uses an indirect replication methodology which involves investing in a total return swap. This means derivatives are integral to the Sub-Fund's investment strategy. The KIID explicitly states that 'Derivatives are integral to the Sub-Fund's investment strategies.' According to MiFID II rules, the use of derivatives, particularly swaps, to replicate an index's performance typically classifies an ETF as complex due to the associated counterparty risk and the difficulty for retail investors to understand these mechanisms. The NASDAQ-100 index itself, while a well-known equity index, can be considered complex by nature as it comprises technology and growth-oriented companies with inherent volatility. The KIID also highlights 'Counterparty risk' as a material risk. The use of swaps for replication is a key factor leading to this classification."
    }
}