{
    "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",
            "Derivative Instruments Integral to Strategy"
        ],
        "classification": "complex",
        "supporting_data": "The Amundi PEA MSCI USA ESG Selection UCITS ETF uses a synthetic replication methodology, investing in a total return swap. This means derivatives are integral to the Sub-Fund's investment strategies. The use of swaps introduces counterparty risk and collateral risk, which are factors that make the product difficult for retail investors to understand, thus classifying it as complex under MiFID II. The KIID explicitly states 'The Sub-Fund will apply an Indirect Replication methodology to get exposition to the Index. The Sub-Fund will invest into a total return swap (financial derivative instrument) delivering the performance of the Index against the performance of the assets held. Derivatives are integral to the Sub-Fund's investment strategies.'"
    }
}