{
    "success": true,
    "data": {
        "is_ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Synthetic replication",
            "Swaps"
        ],
        "classification": "complex",
        "supporting_data": "The ETF tracks the STOXXu00ae Europe 600 Basic Resources Net Total Return index using 'indirect replication by entering into an over-the-counter swap contract (financial derivative instrument)'. This use of a financial derivative instrument (swap) to achieve its investment objective is a primary indicator of complexity under MiFID II rules. The direct mention of 'swap contract' as the replication method means the ETF's performance is linked to a derivative, introducing risks such as counterparty risk and collateral risk, which are not easily understood by a retail investor. While UCITS ETFs are generally presumed non-complex, the reliance on synthetic replication through OTC swaps elevates this specific ETF to a complex classification. Although the KID mentions a 'Risk of Financial derivative Instruments' and 'Counterparty risk', and states the ETF invests in these, the core complexity stems from the replication method itself."
    }
}