{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Use of derivatives",
            "Synthetic Replication",
            "Currency Hedging"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant, but it uses a stratified sampling strategy, achieving proportional exposure either through direct investment, derivatives, or a combination of both. It may hold securities not comprised in its index, if the portfolio manager believes this to be appropriate. The ETF uses currency forwards at the one-month forward rate, all of which indicate a complex structure with reliance on derivatives and active portfolio management. Synthetic replication introduces counterparty risk and the collateral risks are not easily understood by retail investors. The ETF uses derivatives for more than efficient portfolio management as derivates are integral to achieving its investment objective. The fact that the ETF is currency hedged means that there is a complexity that requires advanced knowledge to understand, as is not easily understood by retail investors. As a result the ETF is classified as 'complex'."
    }
}