{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps, index derived from sector leaders. The index also uses a sector dependent liquidity cap.This is complex, opaque to the average retail investor.",
        "classification": "complex",
        "supporting_data": "The Invesco STOXX Europe 600 Optimised Retail UCITS ETF uses unfunded swaps to replicate the index's performance. This synthetic replication method introduces counterparty risk and is not easily understood by retail investors, thus making it a complex asset. The fund's structure, using swaps to swap the performance of a basket of equities, falls under the complex category. Additionally, the use of a sector-dependent liquidity cap on the index adds a layer of complexity, as it optimizes tradability based on market data, which an average retail investor would find difficult to understand and assess. The presence of derivatives used to achieve the investment objective of the fund and the associated risks (counterparty risk, collateral risk, and tracking error) indicates this as complex. The fact that the ETF's structure and risks are not straightforward for the average retail investor as it mentions in the KID makes it complex."
    }
}