{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Inverse Strategy with Daily Leverage",
            "Use of Total Return Swaps",
            "Roll Costs of Futures",
            "Complex Underlying Index",
            "Potential for Performance to Not Inverse Daily Changes"
        ],
        "classification": "complex",
        "supporting_data": "The ETF tracks the daily performance of the German government bond market with residual maturities ranging from 8.5 to 10.5 years, using a -2x inverse daily leverage strategy. This requires the Fund to enter into total return swaps to indirectly replicate the inverse performance of the Solactive Bund Daily (-2x) Inverse Index. The daily reset of leverage in the benchmark index and the roll costs of futures contracts used in the benchmark index's methodology can cause the Fund's performance to deviate from a simple inverse relationship, introducing tracking error. This complexity, alongside the use of derivatives, makes the ETF likely complex under MiFID II guidelines, which specifically flag the use of derivatives central to the strategy, or any use of swaps, as potential complexity factors. The description of counterparty risk and collateral risk associated with the derivatives also strongly suggests complexity."
    }
}