{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF uses unfunded swaps to replicate the S&P 500 Scored & Screened Index. This introduces counterparty risk and the ETF holds securities not contained in the index.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF is classified as complex due to its use of unfunded swaps for replication of the index's performance. The prospectus highlights the use of derivatives, which can introduce counterparty risk and the possibility of performance not directly matching the underlying index. Despite the fund's Article 8 classification, the use of derivatives and the synthetic replication method are central to its investment strategy, making the structure and associated risks challenging for a retail investor to understand, leading to a 'complex' classification. The lack of collateral requirements on the swaps further elevates the complexity. ESMA guidelines suggest that any derivative use can be considered complex."
    }
}