{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication using swaps to track the index, which introduces counterparty risk and collateral risk.  The index seeks minimum volatility, indicating a complex strategy.  Derivatives are integral to the investment strategy. The KID states that the sub fund will apply an indirect replication methodology using derivatives.",
        "classification": "complex",
        "supporting_data": "The AMUNDI MSCI EUROPE MINIMUM VOLATILITY FACTOR UCITS ETF uses an indirect replication methodology, indicating synthetic replication, which relies on a total return swap. This approach makes the ETF complex because it relies on derivatives for its core investment strategy, introducing counterparty and collateral risks that are not easily understood by retail investors. The index itself, which aims for minimum volatility, might further contribute to complexity, though the primary driver is the synthetic replication via swaps.  The use of derivatives is integral to achieving the investment objective.  See ESMA's guidelines (ESMA/2015/187) which classifies any derivative use as a factor for complexity, even when it's not the core strategy and the source data identifies the use of derivatives in the prospectus. The fact it tracks the MSCI Europe Minimum Volatility Index, could also add to the complexity.  The product discloses a comprehension alert."
    }
}