{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Unfunded Swaps, Currency Hedging",
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant but uses unfunded swaps to achieve its investment objective, exchanging the performance of equities for the index performance, introducing counterparty risk. Currency hedging using unfunded swaps also adds complexity. Although the index tracked is the S&P 500, a well-known index, the synthetic replication method and use of swaps make it difficult for a retail investor to easily understand the product's structure and associated risks. The Key Investor Information Document (KIID) references 'Use of Derivatives for Index Tracking Risk' and 'Synthetic ETF Risk' highlighting potential for counterparty risk. It also mentions currency hedging risk.",
        "explanation": "The use of unfunded swaps for index replication and currency hedging introduces counterparty risk and complexity that is not easily understood by the average retail investor. The KIID identifies 'Synthetic ETF Risk' as a concern."
    }
}