{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using derivatives (total return swaps).",
        "classification": "complex",
        "supporting_data": "This UCITS ETF uses synthetic replication, employing financial derivative instruments (FDIs), specifically total return swaps, to replicate the index's performance. This method introduces counterparty risk with UBS, the derivative provider.  The use of derivatives is central to achieving the investment objective, making the structure opaque and the associated risks difficult for retail investors to understand.  The KID confirms this with a high-risk profile of 6 out of 7 indicating a higher risk assessment and also a warning that may not be suitable for investors who plan to withdraw their money within 5 years.  The document directly states the fund is suitable for investors seeking capital appreciation and who are prepared to accept a high level of volatility and the KID document explicitly states counterparty risk as a further material risk and capital risk as a risk.",
        "esma_reference": "According to ESMA, the use of derivatives automatically triggers complexity. Also the European Commissionu2019s MiFID Q&A database and the ESMA 2019 supervisory briefing confirm that structured products and derivatives are often deemed complex."
    }
}