{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps (synthetic replication)",
            "Counterparty risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to replicate an index using synthetic replication, which involves using derivatives such as total return swaps. This method introduces counterparty risk, which is difficult for retail investors to understand. According to MiFID II guidelines, the use of swaps for replication purposes inherently classifies the ETF as complex. The Key Investor Information Document (KIID) explicitly states that 'When investing in a basket of securities called substitute basket the performance is swapped with the performance of the index, generating counterparty risk.' This directly triggers the complex classification."
    }
}