{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": "Unfunded swaps (Swaps) are used to replicate the index performance. These swaps introduce counterparty risk and potential collateral risk.",
        "classification": "complex",
        "supporting_data": "The ETF uses unfunded swaps to achieve its investment objective of tracking the MSCI Kuwait 20/35 Index. This replication method relies on derivative contracts, specifically swaps, which are agreements to exchange cash flows. The use of swaps introduces counterparty risk (the risk that the swap provider defaults) and other risks associated with the management of collateral. The KID also indicates that the fund will purchase securities not contained in the index, adding opacity. As ESMA states in its Supervisory Briefing on Appropriateness and execution-only any derivative use triggers a complex assessment. Specifically Section 2.1 (16,19).The presence of swaps in the replication strategy, as described in the Key Investor Information Document (KIID), leads to a complex classification. The structure introduces opacity and risks, as ESMA points out in several sections of their guidlines, that are not easily understood by retail investors, specifically the understanding of the swap agreements. Also see Section 2.1 (15,18, 19) and Section 2.3. Therefore, this ETF is classified as complex, necessitating a comprehension alert in the KIID. The fund is exposed to Currency Risk due to fluctuations in the exchange rates between the base currency (USD) and the currencies of the countries which the Fund invests in."
    }
}