{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps used for index replication",
            "Counterparty risk inherent in synthetic replication",
            "Derivatives integral to investment strategy"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI MSCI INDIA UCITS ETF, while a UCITS, explicitly states its use of an 'Indirect Replication methodology' which involves investing in a 'total return swap (financial derivative instrument)' to achieve its objective. The document further clarifies that 'Derivatives are integral to the Sub-Fund's investment strategies'. This directly aligns with the MiFID II complexity assessment rules, which state that an ETF is 'Complex' if derivatives are integral to its investment objective, such as using swaps for replication. The presence of 'Counterparty risk' is also highlighted in the KID, which is a known complexity associated with synthetic replication methods and derivatives that are integral to the strategy. The ESMA guidelines (CESR/09-295, paragraph 7 and Annex I) also reinforce that derivatives are generally considered complex due to their derived value, making their characteristics and valuation harder to understand for retail investors. Critically, the explicit instruction provided states: 'If any element of... any Swap usage is identified then the 'classification' must be 'complex'. Therefore, despite being a UCITS, the fund's integral use of swaps for replication renders it complex under MiFID II."
    }
}