{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication with swaps, ESG index methodology, counterparty risk.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF seeks to replicate the performance of the BNP Paribas Quality Europe ESG (NTR) index using synthetic replication, specifically by swapping the performance with the index. The KID states this explicitly and that the performance is swapped. This approach makes the ETF complex because of the use of derivatives (swaps) to achieve its investment objective. This introduces counterparty risk (if the swap provider defaults) and potential collateral risk, which is hard for retail investors to understand. The ESG index methodology may also make the underlying index complex which then further contributes to the complexity of the ETF itself."
    }
}