{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Total Return Swap",
            "Counterparty Risk",
            "Collateral Risk"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI MSCI SWITZERLAND UCITS ETF - CHF employs an indirect replication methodology using a total return swap (a financial derivative instrument). This use of derivatives to achieve its investment objective, specifically total return swaps, is a primary factor in classifying the ETF as complex under MiFID II. The underlying strategy involves counterparty risk (the risk of the swap provider defaulting) and collateral risk (the risk that the collateral held is insufficient), which are difficult for retail investors to understand. While the ETF tracks a transparent equity index, the synthetic replication method introduces complexity not present in physical replication. According to MiFID II and related guidelines, the central role of derivatives in replicating index performance typically leads to a complex classification due to the associated risks and the need for advanced investor understanding. The KID also highlights 'Counterparty risk' and 'Operational risk' as important risks materially relevant to the Sub-Fund, further supporting a complex classification."
    }
}