{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks the FTSE Time-Weighted US Fallen Angel Bond Select Index. The index consists of Fallen Angel Bonds and therefore may be complex due to the underlying assets being high-yield debt instruments which are of lower credit quality and may result in large fluctuations in the value of the Fund.The index rebalances monthly.",
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF is presumed non-complex due to its operation under the UCITS framework, which enforces robust regulatory requirements. The ETF employs a physical replication strategy, holding a representative sample of the Fallen Angel Bonds. While the underlying index consists of Fallen Angel Bonds (US corporate bonds which were (i) previously rated investment-grade (higher quality) and subsequently downgraded to high-yield (lower quality); or (ii) previously rated high-yield, subsequently rated investment-grade and then downgraded again to high- yield) which can present higher risks.The KID risk profile for this asset is 5/7, reflecting the market risk. There is no evidence of derivatives, leverage, or other features that would automatically classify it as complex. The assessment is aligned with MiFID II guidelines. The use of securities lending, a secondary feature, is well-managed within UCITS rules (e.g., collateral requirements). The risks are straightforward for an average retail investor. Therefore, the ETF meets the criteria for non-complex classification as specified in the MiFID II framework."
    }
}