{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF uses unfunded swaps to replicate the index performance, introducing counterparty and collateral risk that retail investors may not understand. The structure of the instrument and use of swaps is complex.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF uses swaps, specifically unfunded swaps, to achieve its investment objective of tracking the S&P Select Sector Capped 20% Utilities Index. The use of swaps constitutes derivative use. Based on the provided information, this is a synthetic replication method. This introduces complexities like counterparty risk and collateral risk. The ESMA guidelines also tend to view the mere use of derivatives as a complexity trigger. The use of swaps makes the structure less transparent and therefore difficult for the average retail investor to fully understand the risks. The KID will need to contain a comprehension alert."
    }
}