{
    "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, the performance of which is linked to the financials sector of the S&P 500 Index. Unfunded swaps involve counterparty risk. Also the definition used by the fund provider says the the fund may purchase securities not contained within the index.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF, Invesco Financials S&P US Select Sector UCITS ETF, is classified as complex due to its use of synthetic replication via unfunded swaps, rather than physical replication, to track the S&P Select Sector Capped 20%Financials Index. The KIID discloses the use of 'unfunded swaps,' agreements between the Fund and a counterparty to exchange cash flows. Since the ETF relies on derivatives (swaps) to replicate the index's performance and may purchase securities that are not contained within the index, the structure becomes opaque. The use of swaps exposes investors to counterparty risk, such as the counterparty's insolvency, which is difficult for retail investors to understand. Also the fact the the fund may purchase securities that are not contained within the index drives the complexity of the product, making it complex in line with MiFID II guidelines. The fund falls within the risk category 7, the highest level, based on the historic data on the KIID document provided."
    }
}