{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication using swaps, inverse exposure, derivative use central to strategy, short selling, index tracking",
        "classification": "complex",
        "supporting_data": "This UCITS ETF is classified as complex under MiFID II due to several factors. Firstly, the ETF employs synthetic replication using financial contracts (derivatives) with one or more swap counterparties to achieve its investment objective, introducing counterparty and collateral risk.  Secondly, the fund has the objective to achieve the opposite performance of the underlying index. This means that the level of the index should rise when the underlying index falls and fall when the underlying index rises. This short index strategy results in the need for derivative use, such as swaps or futures, which are central to the strategy and introduce complexity and risks that are not easily understood by retail investors. The ETF's structure and risks, including counterparty risk, would be difficult for retail investors to understand, which is the main driver of complexity. The use of derivatives, the short strategy, and the synthetic replication method necessitates a 'complex' classification as per ESMA guidelines and MiFID II regulations. The KID will require a comprehension alert.  The fund invests in transferable securities and enters into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The index itself reflects the daily opposite performance of the underlying index, implying the use of derivative instruments for inverse exposure which creates additional risk and complexity."
    }
}