{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Collateral Risk"
        ],
        "classification": "complex",
        "supporting_data": "The Fund's objective is to track the Solactive Global Uranium & Nuclear Components Total Return v2 Index. It explicitly states that it may invest in 'financial derivative instruments (u201cFDIsu201d), namely, total return u201cunfundedu201d OTC swaps and exchange-traded equity futures for investment purposes.' The use of OTC swaps is a key indicator of complexity under MiFID II due to counterparty risk and the inherent complexity of understanding swap agreements. While the KIID mentions these derivatives are used 'for investment purposes', their integral role in replicating the index's performance, as is typical with synthetic replication, classifies it as complex. The fund also states it may use 'securities lending transactions' for efficient portfolio management, which introduces some counterparty risk, though this is usually secondary to the complexity introduced by swaps. The risk category of 7/7 further underscores the high risk, which, in this case, is linked to the underlying uranium industry and potentially complex derivative strategies."
    }
}