{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Leverage",
            "Swaps",
            "Daily rebalancing"
        ],
        "classification": "complex",
        "supporting_data": "The Xtrackers LevDAX Daily Swap UCITS ETF uses derivatives (specifically swaps) as a core component of its strategy to achieve its objective of replicating double the daily performance of the DAX index. This synthetic replication method introduces counterparty risk and collateral risk, which are not easily understood by retail investors with basic knowledge.  The ETF also employs daily rebalancing, further increasing complexity.  While it's a UCITS ETF and therefore subject to certain regulations, the use of leverage and swaps makes its structure and risk profile considerably opaque and difficult for retail investors to grasp. The ESMA guidelines strongly suggest that any derivative use, especially when central to the investment strategy, results in a complex classification.  The KID explicitly states the leveraged nature of the fund and its use of derivatives which again reinforces this determination"
    }
}