{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Collateral Risk",
            "Potential Leverage via Swaps"
        ],
        "classification": "complex",
        "supporting_data": "The Amundi STOXX Europe 600 Utilities UCITS ETF Acc explicitly states that it seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract. This use of swaps for replication is a primary driver for classifying the ETF as complex under MiFID II. The KID also highlights 'Risk of Financial derivative Instruments' and 'Counterparty risk' as material risks. The use of swaps introduces counterparty risk (the risk of the swap provider defaulting) and collateral risk (if the collateral held is insufficient to cover the swap's exposure), which are considered difficult for retail investors to understand. Therefore, despite being a UCITS ETF, the reliance on synthetic replication via OTC swaps elevates its complexity. The mention of minimizing tracking error, while a common ETF objective, is achieved through these derivatives, making their function integral to the strategy rather than purely for efficient portfolio management. Furthermore, the KID explicitly mentions 'financial derivative instruments' as a source of risk, reinforcing the complex classification."
    }
}