{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Derivatives for currency hedging",
            "Invests in listed private equity companies which may have higher levels of borrowing and unclear distribution of risk"
        ],
        "classification": "complex",
        "supporting_data": "This UCITS ETF aims to track the S&P Listed Private Equity Index using physical replication, holding equity securities in similar proportions to the index. It uses derivatives (FX forward contracts) for currency hedging between the share class currency (GBP) and the fund's base currency (USD). The risk profile is rated 7/7 which may reflect market volatility, not structural complexity. The underlying index focuses on large, liquid, listed private equity companies. Listed private equity companies can be affected by stock market movements, political and economic news, company earnings, and significant corporate events. Private equity companies may involve additional risks including higher levels of borrowing, unclear distribution of risk and losses within the private equity structure and constraints on buying and selling underlying investments quickly. The KID states Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related or regulatory events."
    }
}