{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication with unfunded swaps. The fund will purchase securities that are not contained in the index, introducing opacity and counterparty risk.",
        "classification": "complex",
        "supporting_data": "The fund's investment policy involves using unfunded swaps, which is a form of synthetic replication, to achieve its objective of tracking the S&P Select Sector Capped 20% Industrials Index. The use of swaps introduces counterparty risk, as the fund is exposed to the creditworthiness of the counterparty, and operational risks, which make it hard for retail investors to understand. The fact that the fund may purchase securities not contained in the Index further contributes to its complexity. The KIID explicitly mentions this and the fund's risk profile is also high. The use of derivatives is central to achieving the fund's investment objective. The lack of physical replication of the underlying index, combined with the use of swaps, introduces opacity, making it difficult for the average retail investor to understand the risks involved. The fund is classified as complex because it relies on derivative instruments (swaps) for its investment strategy."
    }
}