{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Synthetic Replication",
            "Swaps",
            "Counterparty Risk",
            "Currency Hedging"
        ],
        "classification": "complex",
        "supporting_data": "This UCITS ETF uses financial derivative instruments (FDIs) with UBS AG as counterparty to track the MSCI ACWI Net Total Return Index. Under the terms of the FDIs, the performance of the Index is swapped from UBS to the Fund. The share class is currency-hedged. Counterparty risk is a material risk. The ETF is using synthetic replication.",
        "complex": true,
        "explanation": "The ETF uses synthetic replication via swaps to track its index, introducing counterparty risk. It is also currency hedged. These elements make it difficult for a retail investor with basic knowledge to understand the ETF's structure, risks, and payoff, thus classifying it as complex."
    }
}