{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Total return swaps used for replication. Exposure to companies in the Blockchain technology sector, which are exposed to substantial risks, including regulatory, technological, and market volatility.",
        "classification": "complex",
        "supporting_data": "The Global X Blockchain UCITS ETF uses total return swaps for synthetic replication. This is a core component of its investment strategy. The fund invests in companies involved in blockchain technology, the associated high risk associated with this sector means a lack of easy understanding for retail investors. The document states that the fund can use derivatives (FDIs), namely, total return u201cunfundedu201d OTC swaps and exchange-traded equity futures for investment purposes. The fund invests in shares which is a core element of their offering.",
        "additional_references": "MiFID II Article 25(3) and (4) and Article 57 of the MiFID II Delegated Regulation. The fund invests in companies involved in blockchain technology, which is a rapidly evolving technology and therefore its structure and risks is unlikely to be easily understood by retail investors. The fund does not meet the criteria under Article 38 of the Level 2 Directive because of the use of derivatives and also, due to the nature of the underlying assets."
    }
}