{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication using total return swaps, introducing counterparty and collateral risk. The fund invests in disruptive materials, which may be small-cap companies with volatile share prices. The index tracks companies involved in disruptive technologies. The fund uses derivatives, specifically total return swaps.",
        "classification": "complex",
        "supporting_data": "The Global X Disruptive Materials UCITS ETF uses total return swaps for synthetic replication. This introduces counterparty risk and collateral risk, making the structure complex. The fund invests in companies involved in disruptive technologies. According to the KIID, the fund may use derivatives, specifically total return swaps, for investment purposes. This use of derivatives is integral to achieving its investment objective. Although the fund is UCITS compliant, the use of total return swaps as the primary replication strategy makes the fund complex under MiFID II. The underlying index focuses on companies involved in disruptive technologies. The fund is in risk category 7. The KID explicitly mentions the use of total return swaps, and the potential risks they introduce, in addition to investments in sectors linked to 'disruptive technologies'. This is enough to classify it as complex under MiFID II. The fund's structure and risks are complex and not easily understood by retail investors. As per ESMA guidelines and the data this ETF should be classified as a complex asset. The KID's disclosure of total return swaps and the risk factors in addition to the use of derivatives make this asset complex. This ETF falls under the definition of complex assets according to the MiFID II rules, as per ESMA guidelines. The fund's use of total return swaps, and the investments in 'disruptive materials' make it complex."
    }
}