{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF uses unfunded swaps to replicate the index's performance.  The Index provides a representation of STOXX Limited sector leaders based on the Industry Classification Benchmark and captures equal or improved liquidity and country diversification of the STOXX Europe 600 Index. The performance of the Index is swapped from the counterparty to the Fund in exchange for the performance of equities and equity related securities held by the Fund.",
        "classification": "complex",
        "supporting_data": "The Invesco STOXX Europe 600 Optimised Oil & Gas UCITS ETF uses swaps to achieve its investment objective of tracking the STOXX Europe 600 Optimised Oil & Gas Index.  The use of swaps is central to the investment strategy of the fund and swaps are mentioned in the KID. The ETF does not hold the underlying securities and uses a synthetic replication strategy. This introduces counterparty risk. The index itself is complex and its performance is linked to the performance of a basket of shares, and a sector dependent liquidity cap. Given the structure involving swaps and the nature of the underlying index, the fund's structure is not straightforward, and the risks are not easily understood by retail investors, hence it is classified as complex under MiFID II. According to the ESMA guidelines, any use of derivatives, especially for non-EPM purposes, can lead to a complex classification. See 2. Check Derivative Use, 3. Examine Replication Method, and 4. Assess Ease of Understanding. Section 4 - ESMA's MiFID II Supervisory briefing - points to many questions supervisors should ask which indicate the complexity of this type of fund."
    }
}