{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging using FDIs",
            "Derivatives used for direct investment purposes",
            "Securities lending",
            "Optimizing techniques"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant. Although it uses physical replication and tracks a benchmark index of US Treasury Bonds, it incorporates several features that introduce complexity. Firstly, it employs financial derivative instruments (FDIs) for direct investment purposes. Secondly, it uses FDIs, specifically FX forward contracts, for currency hedging, which can be difficult for retail investors to fully understand. Securities lending, while managed within UCITS rules, introduces counterparty risk. Additionally, the use of optimizing techniques to achieve a similar return to the index, which may include selecting certain securities or other FI securities with similar performance, adds another layer of complexity, it is important to not that any form of currency hedging is difficult for clients to understand"
    }
}