{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Frontier Markets"
        ],
        "classification": "complex",
        "supporting_data": "The fund is a UCITS ETF that employs synthetic replication, as indicated by the phrase 'enter 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.' This reliance on swaps makes the fund complex due to the inherent risks such as counterparty risk and collateral risk, which are difficult for retail investors to understand. Additionally, the investment objective focuses on 'Frontier Markets,' which are described as 'less economically developed economies' involving 'much greater risks than investing in well-developed economies or even emerging markets,' including 'political unrest, the lack of government regulation, economic downturn and limited liquidity.' The risk profile classification of '6' further emphasizes the high likelihood of both losses and gains due to these factors. The explicit mention of 'DERIVATIVES RISK' and 'COUNTERPARTY RISK' in the Key Investor Information Document directly points to complexity."
    }
}