{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Swaps are used in this ETF to replicate the index performance (ESMA, 2015). This inherently introduces counterparty and collateral risk, which are not easily understood by average retail investors. Although this is a UCITS compliant asset its structure is based on the use of derivatives.",
        "classification": "complex",
        "supporting_data": "This ETF uses a financial derivative instrument (FDI) - an over-the-counter swap contract - for indirect replication of the MSCI World Information Technology Index. This indicates synthetic replication, making the ETF complex (MiFID II Article 25 and Delegated Regulation EU 2017/565 Article 57). The use of swaps introduces counterparty risk and other complexities. Additionally the key investor information document (KIID) indicates the minimum holding term is 5 years implying a long term strategy. The presence of swaps, the use of derivatives, and the potential for counterparty risk make the ETF inherently complex for retail investors (ESMA guidelines on complex debt instruments and structured deposits dated 4 February 2016)."
    }
}