{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps"
        ],
        "classification": "complex",
        "supporting_data": "The UCITS ETF is classified as complex primarily due to its use of synthetic replication, which involves financial contracts (derivatives), specifically swaps, to achieve its investment objective. The KIID explicitly states: 'To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index.' The 'Risk and reward profile' section further highlights a significant risk: '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.' The document also explicitly mentions 'COUNTERPARTY RISK' and 'DERIVATIVES RISK' as key risks. Based on MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57, the use of derivatives integral to achieving the investment objective, especially those introducing counterparty and collateral risk, leads to a complex classification, as these are difficult for retail investors to understand. The underlying index (MSCI EFM AFRICA TOP 50 CAPPED TRN) is an emerging and frontier market index, which by its nature can be considered less straightforward for a typical retail investor to fully grasp the associated risks and performance drivers, although the primary driver of complexity here is the synthetic replication method."
    }
}