{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication through swaps, potential counterparty risk, and the use of derivatives for achieving investment objectives rather than risk management make this ETF complex.The use of swaps can introduce opaqueness.",
        "classification": "complex",
        "supporting_data": "The Invesco JPX-Nikkei 400 UCITS ETF employs unfunded swaps. These swaps are central to replicating the performance of the JPX-Nikkei 400 Net Total Return Index. This synthetic replication method involves a counterparty, introducing counterparty risk. The KID explicitly states that the fund will purchase securities not contained in the Index, introducing opacity. The structure and risks associated with these swaps (counterparty risk, collateral) are not easily understood by retail investors. Based on the regulatory guidance provided and analysis of the Key Investor Information Document (KIID), the ETF is classified as complex due to the use of synthetic replication via swaps and the resulting potential opacity and counterparty risk."
    }
}