{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Indirect replication through a total return swap introducing counterparty and collateral risk. The Sub-Fund invests in a total return swap (financial derivative instrument) delivering the performance of the Index against the performance of the assets held.",
        "classification": "complex",
        "supporting_data": "The Amundi S&P Global Luxury UCITS ETF uses an indirect replication method, employing a total return swap to achieve its investment objective of tracking the S&P Global Luxury Index. This synthetic replication method introduces complexity because it relies on a derivative instrument (the total return swap) to deliver the index performance. The use of derivatives inherently involves counterparty risk (the risk that the swap provider defaults) and collateral risk. Additionally, the underlying index itself, while based on publicly traded companies, does not automatically make the ETF non-complex, but the fact that its performance is delivered by the swap, which is central to the strategy and the associated risks are not easily understood by retail investors. The KIID explicitly mentions that the Sub-Fund will use Total Return Swaps against the performance of the assets held. The KID's risk profile is 3/7, indicating it may be suitable for basic investors, but the use of a swap makes it not a non-complex asset, therefore the product will be complex and is required to have a comprehension alert warning retail investors of the difficulty in understanding the product."
    }
}