{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Swaps are used to replicate the index's performance (synthetic replication), introducing counterparty risk and the KID reveals the asset is complex.",
        "classification": "complex",
        "supporting_data": "The Invesco NASDAQ Biotech UCITS ETF uses swaps to replicate the index's performance, which is a form of synthetic replication. This synthetic replication method is a primary indicator of complexity under MiFID II. The use of swaps introduces counterparty risk. The KID explicitly states that the Fund will use swaps, and the risks involve are not easily understood by retail investors. The risk and reward profile is high with a risk category of 6 out of 7. The presence of synthetic replication through swaps makes the ETF complex. The lack of full transparency with regard to the replication method is what drives the complex asset determination"
    }
}