{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps is used. The index itself involves ESG factors, which contribute to complexity for an average investor. The KID states that the ETF may use derivatives. ESMA views on derivative use can render even EPM use complex.",
        "classification": "complex",
        "supporting_data": "The HSBC JAPAN SUSTAINABLE EQUITY UCITS ETF utilizes derivatives, with up to 10% of assets in total return swaps and contracts for difference, for investment and portfolio management purposes. This use of derivatives, particularly total return swaps, introduces complexity due to counterparty risk and the nature of the instruments themselves, which retail investors may not easily understand. The fund promotes ESG characteristics, which contributes to complexity through its specific index methodology and exclusionary criteria. The product falls under the scope of MiFID, and given the active use of swaps, is classified as complex under MiFID II's guidelines. The KID indicates that income is distributed. The fund promotes certain ESG characteristics, the index seeks to achieve a reduction in carbon emissions. The use of securities lending increases counterparty risk. The reference currency of the fund is USD."
    }
}