{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Total Return Swap usage",
            "Counterparty Risk",
            "Collateral Risk",
            "Commodity Futures Exposure",
            "Index composition and rebalancing"
        ],
        "classification": "complex",
        "supporting_data": "The ETF uses synthetic replication via Total Return Swaps (TRS) to track the Bloomberg ex-Agriculture & Livestock 15/30 Capped 3 Month Forward Index. This inherently introduces counterparty risk and collateral risk, which are difficult for retail investors to understand, thus leading to a complex classification. The index methodology itself, with its specific weighting, capping, and rebalancing rules, adds another layer of complexity. While UCITS ETFs are generally presumed non-complex, the reliance on derivatives for replication is a primary driver for a complex classification under MiFID II rules. The KID also classifies the fund in risk category 6, indicating high potential for losses and gains, further supporting the assessment of complexity. The description explicitly mentions 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'."
    }
}