{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps (synthetic replication)",
            "Counterparty risk",
            "Collateral risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF uses an indirect replication method via an over-the-counter swap contract (financial derivative instrument). This synthetic replication strategy inherently introduces counterparty risk and collateral risk, which are difficult for retail investors to understand. According to MiFID II and ESMA guidelines, the use of derivatives integral to achieving the investment objective, as is the case with synthetic replication, typically classifies an ETF as complex. While UCITS ETFs are generally presumed non-complex, the reliance on FDI for replication overrides this presumption."
    }
}