{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Collateral Risk"
        ],
        "classification": "complex",
        "supporting_data": "The Key Investor Information Document (KIID) explicitly states that 'the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties'. This use of derivatives, specifically swaps, integral to the fund's investment objective and methodology (synthetic replication to track the index), is a primary driver for classification as complex under MiFID II rules. The KIID also highlights 'COUNTERPARTY RISK' as a significant concern, where the failure of a counterparty could lead to a loss for investors. The risk and reward profile indicates the fund is in category 3, with fluctuations considered 'comparatively little', but the underlying complexity of synthetic replication and associated risks such as counterparty and collateral risk are not easily understood by a retail investor with basic knowledge, leading to the complex classification. The KIID states the fund 'does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives'."
    }
}