{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication using unfunded swaps, Index is complex and the instrument is used to invest in a financial services companies. ESMA views any derivative use as complex.",
        "classification": "complex",
        "supporting_data": "The Invesco EURO STOXX Optimised Banks UCITS ETF uses unfunded swaps to achieve its investment objective of replicating the EURO STOXXu00ae Optimised Banks Index. The document highlights the use of swaps which are agreements between the Fund and an approved counterparty to exchange one stream of cash flows against another stream. Because of the use of unfunded swaps, which are derivatives, and the potential for counterparty risk, the ETF is classified as complex. The use of swaps constitutes the primary method of replication for the index performance and the lack of holding of the underlying assets, making the structure opaque to retail investors. The KID document also states the risk profile is in category 7, which means that clients without an understanding of financial markets are likely to find it difficult to understand the risks associated with the ETF's structure. The ESMA guidelines would view this as a complex instrument as ESMA views any derivative use as complex."
    }
}