{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps; real estate index is tracked. This introduces counterparty risk and requires understanding of swaps and complex markets, potentially exceeding basic knowledge.",
        "classification": "complex",
        "supporting_data": "The Invesco Real Estate S&P US Select Sector UCITS ETF uses unfunded swaps to achieve its investment objective of tracking the S&P Select Sector Capped 20% Real Estate Index. The use of swaps means it is a synthetic ETF. This mechanism involves an agreement between the Fund and a counterparty to exchange one stream of cash flows against another, which introduces counterparty risk. Retail investors may not readily understand the intricacies of swaps, collateral requirements, or the potential for counterparty default. The KID specifically states that the Share Class is in risk category 7. Furthermore, because the ETF uses swaps to achieve its objective, which means there will be increased operational complexity and potential for tracking error in tracking a Real Estate index. This lack of understanding on the part of the retail investor makes this a complex asset under MiFID II. The index itself is a modified market capitalization weighted index and the fund is subject to concentration risk. These complex aspects increase complexity. The KID confirms the fund is complex.",
        "comprehension_alert": true
    }
}