{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Derivative overlay strategy using equity call options and equity index call options.  Potential for losses from options to offset gains from equity portfolio.",
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant.  It employs an actively-managed investment strategy, investing in equity securities primarily in the USA. Critically, it utilizes a financial derivative instrument (FDI) overlay strategy, systematically selling equity call options and/or equity index call options to generate income. This use of derivatives, especially the potential for losses from these options to offset gains from the equity portfolio, introduces a level of complexity that may not be easily understood by all retail investors.  While the underlying asset of US equities is relatively straightforward, the derivative strategy adds complexity.  The KIID clearly states: 'losses from the sale of equity call options and/or equity index call options may also offset the Sub-Fund's profits from increases in the value of the equity portfolio.' Thus due to the presence and use of derivative instruments the asset is considered complex under MiFID II."
    }
}