{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication through swaps; dependence on derivative instruments to track index performance.  The use of FDIs (Financial Derivative Instruments) such as swaps with a counterparty (UBS).",
        "classification": "complex",
        "supporting_data": "The ETF uses financial derivative instruments (FDIs) with a counterparty (UBS). The ETF tracks the index using FDIs, which is a form of synthetic replication. ESMA generally considers any derivative use complex due to counterparty risk, and in this case the performance relies on swaps, making it difficult for retail investors to understand the risks.  The KID states the fund is suitable for investors who are prepared to accept a high level of volatility but also notes counterparty risk where UBS fails to perform under the FDIs and capital risk where all or some of the amount invested in the fund may be lost. Further risks are noted in the document such as liquidity risk and operational risk. The reliance on derivatives such as swaps to achieve the investment objective makes this fund complex under MiFID II. The product also states on the KID that it is not suitable for investors who plan to withdraw their money within 5 years."
    }
}