{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The iShares MSCI USA Swap UCITS ETF Hedged GBP Dist uses unfunded total return swaps as its primary replication method.  This is synthetic replication, which inherently introduces counterparty risk (the risk that the counterparty to the swap will default) and makes the ETF's structure more opaque than physical replication.  The KID also highlights counterparty risk as a particular risk, further supporting a complex classification.  Even though it's a UCITS ETF and thus subject to regulatory oversight, the use of derivatives as a core part of the investment strategy makes it complex under MiFID II guidelines.  The use of FX forward contracts for currency hedging, while a secondary feature, adds another layer of derivative complexity.  The document states that derivative use increases the size of losses and gains, resulting in greater fluctuations in the value of the fund. The reference to 'extensive or complex' derivative use is a clear indicator that it may lead to complexity."
    }
}