{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Derivative usage for replication",
            "Counterparty risk",
            "Collateral policy",
            "Index tracking via derivatives (Total Return Swaps)",
            "Securities Lending"
        ],
        "classification": "complex",
        "supporting_data": "This UCITS ETF tracks the MSCI Japan Index (Net Return) using both direct investment and derivatives. Derivative usage goes beyond efficient portfolio management and includes using derivatives (likely total return swaps) to gain exposure to the index, therefore falling under synthetic replication. This introduces counterparty risk and reliance on UBS's collateral policy. The ETF may engage in securities lending, adding another layer of counterparty risk. While the underlying index (MSCI Japan) is likely transparent, the synthetic replication method overrides this, making the ETF complex due to derivative usage and associated risks (counterparty, collateral). Investors other than Authorised Participants are restricted to secondary market dealing, only Authorised Participants can directly subscribe to shares.",
        "complex": true,
        "non-complex": false
    }
}