{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication through the use of swaps, embedding of derivatives for index replication, and counterparty risk exposure.",
        "classification": "complex",
        "supporting_data": "The Invesco Materials S&P US Select Sector UCITS ETF employs unfunded swaps for achieving its investment objective, indicating synthetic replication. The KID states the use of swaps which is the primary factor of classification. The use of swaps as described is not limited to EPM and is therefore a central component of its strategy.  This introduces counterparty risk, which retail investors may not readily understand, and the structure of the swaps, along with the index it tracks, can increase complexity. The prospectus also mentions the fund holds equities and equity related securities and performs a swap with a counterparty for index returns. This structure is central to achieving its investment objective and is considered a complex feature. While securities lending is mentioned, it is not the primary driver of the complexity classification in this case."
    }
}