{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Currency Hedging using currency forwards",
            "Derivatives used to replicate index performance",
            "Counterparty Risk in OTC Derivatives"
        ],
        "classification": "complex",
        "supporting_data": "This UCITS ETF uses a synthetic replication method and employs derivatives for achieving its investment objective. It uses currency forwards for hedging, introducing counterparty risk. The ETF aims to track the MSCI EMU Quality Advanced Target Select 100% Hedged to CHF Index (Net Total Return) and uses derivatives in particular where it may not be possible or practicable to replicate the index through direct investments or in order to generate efficiencies in gaining exposure to the index. The use of OTC derivatives further engenders counterparty risk. All these factors contribute to a complex classification under MiFID II, as they may be difficult for retail investors with basic knowledge to understand, due to Swaps and OTC derivatives. Because the ETF uses derivatives it is complex. The KIID would have a comprehention alert requirement."
    }
}