{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "swaps": true,
        "derivatives": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Swaps",
            "Complex Index",
            "Counterparty Risk",
            "Collateral Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to reflect the performance of the LPX Private Equity Swap index. The Key Investor Information Document explicitly states that the fund will 'enter into one or more derivatives with one or more counterparties' to achieve its aim. It also highlights the risk that 'If any of the counterparties fails to make payments... this may result in your investment suffering a loss.' This use of derivatives, specifically swaps, to replicate index performance is a key indicator of complexity under MiFID II rules, particularly due to the associated counterparty and collateral risks which are not easily understood by retail investors. The KIID also flags that '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.' Furthermore, the ETF is classified in risk category 7 due to its share price fluctuations, reinforcing its complex nature. The index itself tracks private equity companies, which can involve less transparent or more volatile underlying assets compared to traditional equity or bond indices."
    }
}