{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Hedging Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF uses synthetic replication via an over-the-counter swap contract, which introduces counterparty risk and hedging risk, making it difficult for a retail investor to understand, thus classifying it as complex. The use of financial derivative instruments (FDI) is explicitly stated as a risk factor. The daily hedging strategy to hedge EUR currency risk against the USD benchmark index also involves derivative use. As per MiFID II and ESMA guidelines, the use of derivatives, especially for replication purposes (synthetic replication), often leads to a 'complex' classification due to inherent risks like counterparty risk and the opacity for retail investors in understanding how these instruments function. Although the UCITS framework generally presumes non-complexity, the derivative-heavy replication method overrides this presumption. The KIID explicitly lists 'Counterparty risk' and 'Hedging risk' under the 'Risk and Reward Profile', reinforcing the complexity."
    }
}