{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication, derivatives are used to gain exposure, counterparty risk, and the index's methodology. The KID indicates that derivatives are used in the fund.",
        "classification": "complex",
        "supporting_data": "The ETF uses synthetic replication, indicating derivative use which is integral to the strategy and introduces counterparty risk (ESMA, 2019). The fund uses derivatives to take exposure on the components of the MSCI USA Quality Advanced Target Select 100% Hedged to EUR Index. The KID confirms that derivatives are being used. The fundu2019s structure involves mechanisms that are likely not easily understood by retail investors, aligning with the MiFID II definition of complex. The use of OTC derivatives further engenders counterparty risk which is however mitigated by UBS (Irl) ETF plc collateral policy (MiFID II Supervisory briefing, 2019, ESMA35-36-1640, para 16). Therefore, based on the information provided, the ETF appears to be complex because it utilizes synthetic replication, relies on derivatives, and is not easily understood by retail investors.",
        "references": "ESMA. (2019). MiFID II Supervisory briefing Appropriateness and execution-only. ESMA35-36-1640"
    }
}