{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF's objective is to track the STOXX Europe 600 Banks Net Total Return index. The key factor for its classification as complex is the stated investment policy: 'The Fund seeks to achieve its objective via indirect replication by entering into an over-the-counter swap contract (financial derivative instrument, the FDI).' MiFID II rules, particularly Article 254 and Delegated Regulation EU 2017/565 Article 57, along with ESMA guidelines, consider the use of derivatives integral to achieving an investment objective as a complex feature. This introduces risks like counterparty risk and collateral risk, which are difficult for retail investors to understand. While the document mentions the fund may also invest in a diversified portfolio of international equities, the primary replication method is through a swap, which triggers the complex classification. The risk and reward profile explicitly lists 'Counterparty risk' and 'Risk of Financial derivative Instruments' as relevant risks. The use of swaps for replication is a direct indicator of complexity under MiFID II."
    }
}