{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Swap based replication, Counterparty Risk, Derivative use is integral to achieving its investment objective.",
        "classification": "complex",
        "supporting_data": "The iShares NASDAQ 100 Swap UCITS ETF uses unfunded total return swaps to achieve its investment objective, investing its cash in a Substitute Basket of global developed market equity securities and paying the return of the Substitute Basket to the counterparties under the swaps, which will enable the Fund to deliver exposure to the Index. This introduces counterparty risk, which is difficult for retail investors to understand. The use of derivatives is integral to the strategy, and the structure is opaque, increasing complexity. The ESMA guidelines and MiFID II regulations regarding derivatives and swaps usage lead to a 'complex' classification."
    }
}