{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps",
            "Sector dependent liquidity cap",
            "Use of unfunded swaps to achieve investment objective"
        ],
        "classification": "complex",
        "supporting_data": "This is a UCITS ETF, but it employs a synthetic replication strategy using unfunded swaps. The ETF purchases equities and uses swaps to exchange the performance of those equities for the performance of the STOXX Europe 600 Optimised Chemicals Index. This introduces counterparty risk. The index applies a sector dependent liquidity cap that reduces the weighting of only those constituents whose average daily turnover, as a fraction of its free float market cap is below the sector average. This hybrid market cap and with the liquidity weighting methodology optimizes the tradability of the Index while retaining the free float market capitalisation weighting across the larger and more liquid constituents. Because it uses swaps, which can be difficult for retail investors to understand and involve counterparty risk, it leans towards complex under MiFID II."
    }
}