{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps, emerging markets exposure, counterparty risk.",
        "classification": "complex",
        "supporting_data": "The Xtrackers MSCI Emerging Markets Swap UCITS ETF uses synthetic replication via swaps, making it complex. The underlying index tracks emerging markets, introducing additional risks not easily understood by retail investors. The use of swaps introduces counterparty risk, and the structure itself is opaque. The KID document indicates it is classified as Category 6 on the risk scale, highlighting high market volatility which is appropriate for emerging market exposure. The ETF also involves financial contracts (derivatives) with one or more swap counterparties. The fundu2019s reliance on derivatives to achieve its investment objective is a key factor in determining that the asset is complex. The document also makes it clear that any use of derivatives will be regarded as complex as per the ESMA Guidelines on complex debt instruments and structured deposits dated 4 February 2016.",
        "MiFID_Reference": "ESMA/2015/187. The document CESR/09 -559 on MiFID complex and non -complex financial instruments for the purposes of the Directiveu2019s appropriateness requirements is also relevant."
    }
}