{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Derivatives",
            "OTC Derivatives",
            "Counterparty Risk",
            "Synthetic Replication"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and passively managed tracking the MSCI EMU Index. It uses direct investments and derivatives to replicate the index. The use of OTC derivatives introduces counterparty risk, mitigated by collateral policy. The ETF may engage in securities lending transactions. The KIID lists a risk category of 6 due to high volatility and use of derivatives, which can lead to potential losses. The use of derivates and swaps mean this must be classified as complex even with collateral. As the derivative instruments are used to replicate the index synthetically a retail client would need to understand the underlying assets and methodologies of this. There is no mention of Contingent Convertible Bonds so that factor is removed from consideration. The synthetic replication requires an understanding of swaps, counterparty risk and collateral management.",
        "complex": true
    }
}