{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "swaps": true,
        "derivatives": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Swaps",
            "Counterparty risk",
            "Collateral risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to track the S&P 500 Index using an indirect replication methodology, specifically by investing in a total return swap. The document explicitly states that 'Derivatives are integral to the Sub-Fund's investment strategies'. The use of total return swaps introduces counterparty risk and collateral risk, which are considered complex for retail investors. Although the underlying index (S&P 500) is a standard equity index, the synthetic replication method using derivatives elevates the complexity classification according to MiFID II rules."
    }
}