{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps, ESG exclusionary criteria impacting investment universe, and currency hedging with FX forwards.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF is classified as complex due to several factors. Firstly, the investment objective relies on synthetic replication to achieve its objective by using Financial Derivative Instruments (FDIs) for direct investment purposes to produce a similar return to its Index. This introduces counterparty and collateral risk, which are difficult for retail investors to understand, as outlined in MiFID II. Secondly, the ETF aims to meet ESG criteria. ESG screening can reduce the potential investment universe and this may adversely affect the value of the Fundu2019s investments compared to a fund without such screening, and the fund may obtain limited exposure to securities considered not to satisfy these ESG criteria. Lastly, the share class is hedged to reduce currency risk using FX forward contracts. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares. The replication strategy makes understanding the ETF's risk profile more complicated. The use of derivatives and ESG criteria screening impacts the complexity. These aspects, combined with the need to understand counterparty risk and the index methodology, push the classification towards 'complex'.",
        "sec_lending": true
    }
}