{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF uses indirect replication via an over-the-counter swap contract, which is a financial derivative instrument. This introduces counterparty risk and potential valuation risk, making it difficult for a retail investor with basic knowledge to fully understand the associated risks, as highlighted in MiFID II regulations and ESMA guidelines. Although it tracks a standard index and is a UCITS, the use of derivatives for replication is a key factor leading to a complex classification. Specifically, the use of total return swaps to replicate index performance, as indicated by the 'synthetic replication' and 'swap contract' information, automatically triggers complexity according to MiFID II principles due to inherent risks like counterparty and collateral management that are not easily grasped by retail investors. The explicit mention of 'Counterparty risk' in the Risk and Reward Profile further reinforces this classification. The ETF also invests in a diversified portfolio of international equities which are exchanged via the FDI (swap), adding another layer to its structure."
    }
}