{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "complex": true,
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": true,
        "leverage": false,
        "complex_factors": [
            "Synthetic replication",
            "Use of Total Return Swaps",
            "Inverse performance tracking"
        ],
        "supporting_data": "The ETF aims to reflect the opposite performance of the DAXu00ae index plus an interest rate, which is achieved through the use of financial contracts (derivatives) with swap counterparties. This synthetic replication strategy, relying on Total Return Swaps, inherently introduces counterparty risk and complexity that is not easily understood by retail investors. The daily inverse performance tracking also implies a derivative structure. The product is classified as category 6 on the risk scale, indicating high likelihood of losses and gains, further suggesting complexity. The KIID explicitly states the fund invests via derivatives to gain exposure to the index. According to MiFID II guidelines, the use of derivatives, especially for replication purposes like swaps, generally classifies an instrument as complex due to the inherent risks (e.g., counterparty risk) and the difficulty for retail investors to understand their mechanics.",
        "classification": "complex"
    }
}