{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Hedging Risk"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI NASDAQ-100 UCITS ETF employs an 'Indirect Replication' methodology, which involves investing in a total return swap. This use of swaps as an integral part of its investment strategy means that derivatives are fundamental to achieving its objective. MiFID II guidelines and ESMA's interpretations classify instruments where derivatives are integral to the investment objective as complex due to the inherent risks such as counterparty risk and collateral risk, which are not easily understood by retail investors. While the ETF tracks a well-known index (NASDAQ-100), the synthetic replication method itself triggers a complex classification. The document also mentions hedging risk in relation to currency, which further points to the use of financial instruments that can add layers of complexity."
    }
}