{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF uses derivatives (swaps) to replicate the index, introducing counterparty and collateral risk.",
        "classification": "complex",
        "supporting_data": "The iShares S&P 500 3% Capped UCITS ETF utilizes financial derivative instruments (FDIs), specifically mentioning their use for direct investment purposes. This constitutes derivative use integral to achieving the investment objective. The fund replicates the index by holding equity securities in similar proportions to the index it tracks. Because it may use swaps to get the exposure, this is classified as synthetic replication, which increases complexity. The structure introduces opacity (assets don't directly match the index) and risks that are not easily understood by retail investors.",
        "referenced_esma_guidelines_sections": [
            "ESMA Supervisory Briefing Appropriateness and execution -only. The aim of the requirements is to increase investor protection in respect of u2018 non -advised u2019 services. The way in which the requirements apply depends on the type of service in question, the type of investment product 4 involved (in particular, whether the investment product is u2018complexu2019 or u2018non -complexu2019), and the type of client."
        ]
    }
}