{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Total Return Swaps",
            "Emerging Markets Risk",
            "ABS Risk",
            "Callable Bond Risk",
            "CoCo Bond Risk",
            "Currency Hedging",
            "Uses derivatives for hedging",
            "Investment Grade Bond Index",
            "Commercial Mortgage Backed Securities",
            "Securitised fixed-rate bonds",
            "Total return swaps"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the Bloomberg Global Aggregate Bond Index (total return hedged to US dollars). It may invest in bonds issued by governments and companies in developed and emerging markets, as well as asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, and covered bonds. The fund may invest up to 30% in total return swaps. Additionally, the fund may use derivatives for hedging and efficient portfolio management. CoCo bonds expose to Contingent Convertible securities (CoCo bonds) risk. The bonds track emerging markets. This use of swaps, derivatives for hedging, holding of assets from emerging markets and risks relating to mortgages and ABS securities leads to the determination that the asset is complex, potentially difficult for an investor with basic knowledge to understand and outside of simple market volatility risk profile.",
        "Justification": "The presence of total return swaps, derivatives for hedging, and investment in asset-backed securities, and mortgage bonds,combined with emerging markets, makes the ETF complex under MiFID II as it is likely difficult for retail investors to understand the associated risks."
    }
}