{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF uses unfunded swaps (derivatives) to replicate the index. The index is a small cap US market index.",
        "classification": "complex",
        "supporting_data": "This ETF, Invesco S&P SmallCap 600 UCITS ETF, uses derivatives in the form of 'unfunded swaps' to achieve its investment objective of tracking the S&P SmallCap 600 Index.  The use of swaps is a direct indicator of a complex instrument, as the investor is exposed to counterparty risk from the swap provider and collateral risks ESMA guidelines and the MiFID II framework emphasize the importance of understanding risk, structure, and payoff. Because of the derivative usage this asset cannot be considered simple or non-complex. In the KID document, it states that 'To achieve the objective the Fund will use unfunded swaps (u201cSwapsu201d)'",
        "ESMA Reference": "The ESMA document references that the use of derivatives will need to be assessed. "
    }
}