{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF uses swaps to replicate the index, introducing counterparty and collateral risks which is hard for retail investors to understand.",
        "classification": "complex",
        "supporting_data": "The ETF's investment objective is to provide investment results that closely correspond to the CBOE S&P 500u00ae Annual 15% Buffer Protect Index. The fund will seek to replicate the performance of the Index by investing primarily in a basket of global equity securities and equity related securities and will enter into an unfunded swap agreement with approved counterparties. The buffer is constructed via a put spread, and a call option on the Reference Index is sold in order to cover the cost of the put spread, and is also passively managed, these factors introduce complexity, see ESMA document 1640 section 2.1, point 16. The use of swaps to replicate the index (synthetic replication) and the put spread using options introduce complexities (counterparty risk and an underlying structure that a retail investor may not understand), see ESMA document 1640 section 2.1, point 16, see point 17 for relevant legislation."
    }
}