{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication using swaps, counterparty risk, and reliance on derivatives, which introduce opacity and risks not easily understood by retail investors.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF utilizes indirect replication via an over-the-counter swap contract (financial derivative instrument, the FDI). This use of derivatives to replicate the benchmark index's performance is central to the investment strategy. The KIID states 'The Fund seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract (financial derivative instrument, the FDI'). This use of derivatives creates counterparty risk as the investor may not fully understand the risks involved. The fund also holds international equities but the fund also includes the use of swaps and derivatives as a core component of the investment strategy. Therefore, the fund is considered complex. (ESMA, 2019, 1.3, 1.4)"
    }
}