{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps, environmental and social goverance (ESG) criteria, carbon emission reduction, derivative counterparty risk, and currency risk.",
        "classification": "complex",
        "supporting_data": "The Xtrackers MSCI China A Screened Swap UCITS ETF utilizes swap-based synthetic replication, making derivatives (specifically swaps) central to its strategy and introducing counterparty and collateral risks. The use of derivatives, especially swaps, is a key factor in determining complexity under MiFID II. The ETF's structure and risks, including those associated with synthetic replication, are less easily understood by the average retail investor. The fund's reliance on derivatives and the opacity introduced by synthetic replication are key elements driving the complex classification, aligning with MiFID II's investor protection goals. The fund's use of derivatives for managing the index and the presence of counterparty risk from the swap provider are the main reason for the classification."
    }
}