{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication via total return swaps to achieve the investment objective, increasing opacity and introducing counterparty and collateral risk not easily understood by retail investors.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF uses total return swaps, which is a form of derivative, to achieve its investment objective, which means it uses synthetic replication. ESMA often classifies any derivative use as complex, even for EPM, due to counterparty risk.  The use of swaps to replicate an index's performance makes it difficult for retail investors to understand the structure, risks, and payoff. This contradicts the need for retail investors to easily grasp the underlying workings of the ETF.  The KIID specifically mentions the use of total return swaps and notes that the fund may invest up to 10% of its assets in total return swaps, but is not expected to exceed 5% of assets.  The fund is not using leverage directly. This ETF does not fit the requirements for execution-only. The inclusion of such a structure requires a comprehension alert. The KID risk profile is a 6/7, indicating a high-risk profile and the fund is not suitable for those wishing to withraw the money within a period of 5 years."
    }
}