{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Synthetic Replication"
        ],
        "classification": "complex",
        "supporting_data": "The Xtrackers MSCI Emerging Markets Swap UCITS ETF uses swaps as a core element of its investment strategy (synthetic replication) to track the MSCI Total Return Net Emerging Markets Index.  The KID explicitly states the fund uses derivatives to gain exposure to the index. This reliance on derivatives, particularly swaps, introduces counterparty risk and collateral risk, making it complex under MiFID II.  The use of swaps for EPM is not a minor feature but is central to the ETF's investment objective and replication method.  Even with UCITS compliance, the inherent complexity of synthetic replication and the associated counterparty and collateral risks render the ETF complex under MiFID II guidelines."
    }
}