{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Opaque Replication Method"
        ],
        "classification": "complex",
        "supporting_data": "The AMUNDI MSCI WORLD III UCITS ETF Dist employs an indirect replication methodology using a total return swap (a financial derivative instrument) to achieve its investment objective of tracking the MSCI WORLD Index. MiFID II regulations, particularly Article 254 and Delegated Regulation EU 2017/565 Article 57, classify instruments that use derivatives integral to achieving their investment objective as complex. This is due to the associated risks, such as counterparty risk and collateral risk, which are not easily understood by retail investors. The use of swaps for replication directly triggers a complex classification. While UCITS ETFs are generally presumed non-complex, the synthetic replication method here overrides that presumption. The KID also highlights 'Counterparty risk' as an important risk materially relevant to the Sub-Fund, further supporting a complex classification.",
        "notes": "The ETF's stated investment policy explicitly mentions the use of a 'total return swap (financial derivative instrument)' for replication. According to MiFID II rules and ESMA guidelines, the use of derivatives integral to the investment strategy makes an ETF complex. The KID also lists 'Counterparty risk' as a material risk, which is a hallmark of complex instruments relying on derivatives."
    }
}