{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF tracks the iTraxx-CDX IG Global Credit Steepener Index, uses derivatives on CDS indices (long and short positions) and rebalances monthly which makes it complex. It also uses leverage. The KID states 'You are about to purchase a product that is not simple and may be difficult to understand.'",
        "classification": "complex",
        "supporting_data": "The ETF's investment objective is to track the iTraxx-CDX IG Global Credit Steepener Index. This index utilizes a complex strategy involving long and short positions on CDS indices, which inherently introduces complexity and requires the use of derivatives. Furthermore, the monthly rebalancing of the index and the involvement of the European and US investment grade CDS credit curves adds to the sophistication, making it difficult for retail investors to understand. Also the use of leverage increases the risks. The KID explicitly warns that the product may be difficult to understand and the ESMA documents state that any derivative use will be considered a complex element."
    }
}