{
    "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"
        ],
        "classification": "complex",
        "supporting_data": "The Amundi MSCI Emerging Ex China UCITS ETF Acc utilizes an indirect replication strategy by entering into an over-the-counter swap contract (financial derivative instrument - FDI). This directly triggers a complex classification according to MiFID II rules, as the use of derivatives for replication introduces risks such as counterparty risk and collateral risk. The document explicitly states that the Fund seeks to achieve its objective via indirect replication by entering into a swap contract. Additionally, it mentions that the Fund may invest in international equities, whose performance will be exchanged against the Benchmark Index via the FDI. The risk and reward profile also explicitly lists 'Risk of Financial derivative Instruments' including 'leverage risk, high volatility risk, valuation risk or liquidity risk' as important risks. The MiFID II framework, as detailed in the provided ESMA documents, classifies instruments that use derivatives as integral to their strategy for replication or investment objectives as complex. The use of swaps for replication, as described, falls squarely into this category. Therefore, despite being a UCITS ETF, the synthetic replication method via swaps makes it a complex instrument."
    }
}