{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Derivatives",
            "Counterparty Risk",
            "Synthetic Replication"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant but uses derivatives to gain exposure to the MSCI USA Index, suggesting synthetic replication. Although UBS (Lux) Fund Solutions collateral policy mitigates counterparty risk, the use of OTC derivatives introduces complexity. Additionally, the ETF may hold securities not comprised in its index. According to MiFID II and ESMA guidance, ETFs employing synthetic replication are typically considered complex due to the difficulty for retail investors in understanding associated risks like counterparty and collateral management. Therefore, despite the risk mitigation, synthetic replication generally leads to a complex classification."
    }
}