{
    "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, opaque structure, and index that may be hard to understand, is a non-advised service. This means a comprehension alert is required in the KID.",
        "classification": "complex",
        "supporting_data": "The Ossiam Shiller Barclays CAPEu00ae US Sector Value TR (UCITS ETF) uses synthetic replication, relying on swaps to replicate the index. This introduces counterparty risk (as per the KID document), making it difficult for retail investors to understand. The KID also states that the Fund invests primarily in swaps with the objective of tracking the Index performance through synthetic replication. The index itself selects US equity sectors monthly based on their Relative CAPEu00ae ratios and price variations over the prior 12 months indicating a complex index structure. The document includes risk factors relating to derivatives. The fund's structure necessitates a 'comprehension alert' as part of MiFID II compliance. The document also mentions the UCITS ETF 1C (USD) Shares are listed for trading on one or more stock exchanges, but the primary investment strategy centers on the use of swaps, therefore making the fund complex. The ESMA documents (as per https://www.esma.europa.eu/sites/default/files/library/2019-esma35-36-1640-mifid_ii_supervisory_briefing_on_appropriateness.pdf ) state that a fund using synthetic replication via derivatives must be considered a complex asset. The ESMA documents also indicate that the fund is a non-advised service and requires a comprehension alert."
    }
}