{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Use of swaps for synthetic replication, derivative use integral to strategy, and underlying index may not be transparent.",
        "classification": "complex",
        "supporting_data": "The Invesco Consumer Discretionary S&P US Select Sector UCITS ETF is classified as complex. The ETF uses unfunded swaps to replicate the performance of the S&P Select Sector Capped20% Consumer Discretionary Index. The use of swaps for replication means it is a synthetic ETF. Synthetic replication and the use of derivatives, especially swaps, are primary drivers of complexity under MiFID II. The structure introduces counterparty risk and collateral risk which are hard for retail investors to understand. The KID document shows that this asset uses swaps which is central to the strategy. The index's methodology (modified market capitalisation) is another factor that would make it difficult for retail investors to understand."
    }
}