{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Use of total return swaps to achieve investment objective.",
            "Exposure to China A-Shares through the Stock Connect Programs.",
            "Concentration Risk in Artificial Intelligence Companies."
        ],
        "classification": "complex",
        "supporting_data": "The ETF employs total return swaps for synthetic replication of the Indxx Artificial Intelligence Index. It invests in derivatives, specifically 'unfunded' OTC swaps, that are central to achieving its investment objective which are not easily understood by retail investors. The strategy introduces counterparty risk, along with the inherent opaqueness of synthetic replication (assets don't directly match the index). Additionally, the fund's investment in AI companies and potential exposure to China A-Shares through the Stock Connect programs add risk factors which the average retail investor may not be familiar with. ESMA and CESR guidelines generally view any use of derivatives beyond efficient portfolio management as introducing complexity. As the KIID states that the fund uses derivatives to achieve its investment objective, this pushes the fund into the 'complex' classification. The fund uses total return swaps, this alone suggests a complex asset."
    }
}