{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF employs an indirect replication methodology using a total return swap (a financial derivative instrument) to track the STOXX Europe 600 Industry Basic Materials 30-15 Index. MiFID II regulations and ESMA guidelines classify the use of derivatives, particularly swaps, as integral to the investment strategy as a key indicator of complexity. This is due to the inherent risks such as counterparty risk (the risk of the swap provider defaulting) and collateral risk, which are difficult for retail investors to understand. The document explicitly states 'Derivatives are integral to the Sub-Fund's investment strategies' and lists 'Counterparty risk' and 'Risk of Financial derivative Instruments' as important risks. According to MiFID II principles, the reliance on such instruments necessitates a complex classification to ensure adequate investor protection. The ETF's KID also highlights 'Counterparty risk' and 'Risk of Financial derivative Instruments' as material risks."
    }
}