{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "swaps": true,
        "derivatives": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Swaps (synthetic replication)",
            "Counterparty risk (due to swaps)"
        ],
        "classification": "complex",
        "supporting_data": "The ETF employs indirect replication via an over-the-counter (OTC) swap contract, which is a financial derivative instrument (FDI). This synthetic replication method is explicitly identified as a complexity factor under MiFID II and the provided framework due to the inherent risks associated with derivatives, such as counterparty risk and collateral risk, which are not easily understood by retail investors. The ETF's objective is to track the MSCI World Financials Net Total Return Index by using these swaps to achieve its investment objective, making the derivative integral to its strategy rather than for efficient portfolio management. The risk and reward profile section also explicitly lists 'Counterparty risk' and 'Risk of Financial derivative Instruments' as key risks, further supporting its complex classification. While UCITS ETFs are generally presumed non-complex, the use of synthetic replication fundamentally alters this presumption."
    }
}