{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps",
            "Synthetic Replication",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The provided KIID document specifies that the Invesco Russell 2000 UCITS ETF (IE00B60SX402) uses unfunded swaps to achieve its investment objective, which is to replicate the performance of the Russell 2000 Index. The ETF purchases securities not contained in the index and exchanges the performance of those securities for the index's performance via a swap agreement. This synthetic replication method introduces counterparty risk as the fund's performance is reliant on the swap counterparty. The UCITS nature of the ETF would usually assume a non-complex structure, However, the usage of swap agreements requires an understanding of complex elements. According to the MiFID II guidelines, synthetic replication leans towards a complex classification due to the use of derivatives (swaps) and the associated risks (counterparty, collateral) not easily understood by retail investors. ESMA guidelines classify that any derivative use is complex. It requires investors to understand advanced concepts, e.g swaps, collateral, overcollateralization",
        "complex": true,
        "non-complex": false
    }
}