{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Collateral Risk"
        ],
        "classification": "complex",
        "supporting_data": "The Amundi MSCI All Country World UCITS ETF USD Acc utilizes 'indirect replication' through an 'over-the-counter swap contract (financial derivative instrument)'. This reliance on financial derivative instruments (FDIs), specifically swaps, to achieve its investment objective is a primary driver for classifying it as complex. The KID explicitly mentions 'Counterparty risk' and 'Risk of Financial derivative Instruments' as material risks, which are inherently difficult for retail investors to fully understand. MiFID II guidelines, particularly ESMA's, clearly indicate that the use of derivatives integral to replicating an index's performance typically leads to a complex classification due to the associated opacity and risks such as counterparty and collateral risk. While UCITS ETFs are generally presumed non-complex, the synthetic replication method employing swaps overrides this presumption. The ease of understanding criterion is also compromised because understanding swaps, counterparty risk, and collateral management requires knowledge beyond basic financial literacy. Therefore, despite tracking a widely recognized index like the MSCI AC World, the underlying replication mechanism makes it a complex product."
    }
}