{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps"
        ],
        "classification": "complex",
        "supporting_data": "The Amundi MSCI Korea UCITS ETF Acc is classified as complex primarily because it uses indirect replication via an over-the-counter (OTC) swap contract. This use of financial derivative instruments (FDIs) to achieve its investment objective, as stated in the KIID, introduces counterparty risk and other risks associated with derivatives, which are generally considered difficult for retail investors to understand. While UCITS ETFs are generally presumed non-complex, the reliance on synthetic replication through swaps shifts this classification. The KIID explicitly mentions 'Risk of Financial derivative Instruments' and 'Counterparty risk' as risks associated with the Sub-Fund. MiFID II regulations, as well as ESMA guidelines, consider the use of derivatives integral to the investment strategy as a key indicator of complexity."
    }
}