{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps",
            "STOXX Europe 600 Optimised Industrial Goods & Services Index",
            "Unfunded Swaps"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant but uses unfunded swaps to achieve its investment objective, swapping the index's performance for the performance of equities held by the fund. This reliance on derivatives and counterparty risk makes the asset complex under MiFID II. The index itself applies a sector-dependent liquidity cap, further adding to its complexity. The KID risk rating is 6/7, reflecting market volatility rather than structural complexity. However, derivative use for index tracking risk is also a specific risk highlighted, which relates to swap agreements and potential insolvency of derivative counterparties."
    }
}