{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Derivatives",
            "Swaps",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant. The ETF tracks the MSCI Europe Index (Net Return) either through direct investments or through the use of derivatives. The ETF uses OTC derivatives which introduces counterparty risk, though mitigated by UBS (Lux) Fund Solutions collateral policy. The replication method is synthetic.",
        "complex": true,
        "non-complex": false,
        "reason": "The ETF uses derivatives extensively, particularly swaps, to achieve its investment objective. This introduces counterparty risk and collateral management complexities, making it difficult for retail investors to understand. Therefore, it is classified as complex under MiFID II."
    }
}