{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication through swaps, reliance on swaps to exchange the performance of securities for the reference index. Involves counterparty risk and opacity, index that is derived from a supersector implying potential volatility. The methodology may reduce weightings depending on turnover.",
        "classification": "complex",
        "supporting_data": "The Invesco STOXX Europe 600 Optimised Health Care UCITS ETF uses unfunded swaps to achieve its investment objective. These swaps involve an agreement with an approved counterparty to exchange cash flows, introducing counterparty risk, as well as being synthetically replicated. The ETF's structure, reliant on derivatives (swaps), and the potential for counterparty risk, contribute to its complexity. The index, derived from STOXX Europe 600 Supersector Health Care Index, also has methodologies that can change weights, which would be hard for a retail investor to understand (See Sections 2 and 3, also the Key Information Document details). Because of the use of swaps, the replication method is synthetic and the fund must be classified as complex. The risk factors are listed as a risk, also increasing complexity. Referencing the CESR document, (Annex 1) confirms that because swaps are used in the ETF structure, it should be classified as complex.  The KIID states the ETF's shares are listed on one or more stock exchange(s) and investors can buy/sell shares daily on the exchange. The risk category is 6/7. Section 6, Synthesis of the Assessment, outlines what a non-complex ETF should look like. (See Key Nuances in Application, page 1)."
    }
}