{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "swaps": true,
        "derivatives": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Use of OTC swap contract for replication",
            "Counterparty risk",
            "Hedging risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF uses indirect replication via an over-the-counter (OTC) swap contract. This is a primary indicator of complexity under MiFID II due to the inherent counterparty risk and the need for the investor to understand the mechanics and risks associated with such derivative instruments. While the ETF aims to minimize tracking error and hedge currency risk (EUR hedging), these derivative-based strategies, particularly the swap for replication, classify it as complex. The 'Risk and Reward Profile' explicitly mentions 'Counterparty risk' and 'Risk of Financial derivative Instruments', further supporting this classification. The use of a swap to replicate an index, rather than holding the underlying assets directly, makes the structure and risks less transparent for a retail investor."
    }
}