{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication with swaps. ESMA considers any derivative use as complex.The fund is passively managed and obtains the return on the swap index using derivatives. The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used.",
        "classification": "complex",
        "supporting_data": "This ETF uses a swap agreement to replicate the performance of the MSCI USA Index.  The fund's returns are therefore reliant on derivative performance, and subject to counterparty risk if the counterparty defaults. ESMA guidance, referenced in the provided documents, highlights that the use of derivatives inherently leads to a complex classification. The use of a swap agreement means that the fund does not hold the underlying assets, this further increases the complexity for retail investors as it means that an investor would be required to have a greater level of expertise regarding derivatives to understand the fund's structure, risks, and payoff. The KID states that the fund is classified in category 6 and the fund is exposed to market movements in a single country or region, which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. This fund is therefore likely to be complex."
    }
}