{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF uses derivatives (total return swaps) to achieve its investment objective, including equity futures.  The index it tracks is based on equally weighted companies.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF, while aiming to track the Solactive Global SuperDividendu00ae v2 Index, employs derivatives, specifically total return swaps and equity futures. The use of swaps is a key factor driving the 'complex' classification, as it introduces counterparty risk and opacity for retail investors who may not fully understand the mechanics of such instruments. Additionally, the fact that it's attempting to replicate the index in this manner and the use of the index itself introduce an element of complexity compared to a physically replicated ETF. The ESMA guidelines emphasize that the use of derivatives, such as swaps, inherently classifies an instrument as complex, regardless of their intended use (e.g., EPM or integral part of the investment objective).  The equal weighting of the companies in the index does not in itself cause complexity however. The KID also mentions securities lending as a feature of the fund, which presents counterparty risk, although this alone would not automatically make the fund complex. The risk-reward profile as stated in the KID indicates the fund is in risk category 6/7 indicating high market risk but this does not drive its complexity. Because of the inherent use of swaps and futures the MiFID II guidelines dictate the fund as a complex asset.  The KID mentions that income will be paid in the form of a dividend which is a standard feature."
    }
}