{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Indirect replication via an OTC swap",
            "Use of financial derivative instruments"
        ],
        "classification": "complex",
        "supporting_data": "The ETF, Amundi MSCI Eastern Europe Ex Russia UCITS ETF, employs indirect replication using an over-the-counter swap contract (a financial derivative instrument).  This method introduces complexity because the ETF's assets do not directly match the benchmark index.  The reliance on derivatives (swaps) to track the benchmark makes the investment's structure and risk opaque.  The KID explicitly states the fund's reliance on financial derivatives and the related risks such as leverage, high volatility, valuation risk, and liquidity risk, which are difficult for retail investors with basic knowledge to understand.   While the ETF is categorized as a UCITS, the use of synthetic replication and derivatives is a significant factor in classifying it as complex under MiFID II.  The risk factors associated with counterparty risk and collateral risk from the derivative usage, as well as the potential for the fund's NAV to decrease significantly, are central to the assessment."
    }
}