{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication through swaps, counterparty risk, and lack of retail investor understanding, reliance on derivatives to achieve objective.",
        "classification": "complex",
        "supporting_data": "The ETF uses financial derivative instruments (FDIs) with UBS as counterparty, swapping index performance. This is indicative of synthetic replication. The KID explicitly states that the fund invests in financial derivative instruments. This use of derivatives introduces counterparty risk (UBS) and collateral risk (which is difficult for retail investors to understand). The fund tracks the S&P 500 Net Total Return Index and this implies a complex structure. This is also compounded by a lack of dividend payments making the product potentially less transparent."
    }
}