{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication, derivative use for achieving investment objective, counterparty risk, and lack of easy understanding of risks by retail investors.",
        "classification": "complex",
        "supporting_data": "The Xtrackers II GBP Overnight Rate Swap UCITS ETF (LU0321464652) is classified as complex. This is due to its use of derivatives via a swap to achieve its investment objective, reflecting the performance of the Solactive SONIA Daily Total Return Index. This synthetic replication method introduces counterparty risk, as the ETF relies on one or more swap counterparties. The KID states the investment objective is achieved through derivatives. While the ETF tracks a transparent index, the reliance on derivatives, specifically swaps, makes the structure and its associated risks, such as counterparty default, difficult for retail investors to understand. The ESMA guidelines often classify any derivative use as complex, especially with counterparty risk.",
        "references": "MiFID II, Article 25, Delegated Regulation EU 2017/565 Article 57, ESMA Guidelines"
    }
}