{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF uses derivatives for efficient portfolio management (EPM), it invests in fixed income securities and may use derivatives for direct investment purposes. Securities lending adds counterparty risk, and the structure of the fund is designed to mirror the returns of the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index.",
        "classification": "non-complex",
        "supporting_data": "The iShares u20ac Ultrashort Bond UCITS ETF aims to replicate the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. It invests in euro-denominated, investment-grade, ultrashort fixed-income securities, which includes corporate fixed-rate bonds and floating-rate bonds. It uses optimizing techniques that can include the strategic selection of securities or the use of financial derivative instruments (FDIs) for direct investment purposes, which means it likely uses derivatives. The fund also engages in securities lending. While the fund uses derivatives, the use case is for the express purpose of portfolio management and not an inherent element of the strategy. This approach, combined with the transparent nature of the index and investment in a basket of liquid fixed-income securities, supports a non-complex classification. The fund's structure does not inherently present an inability for retail investors to understand its function and risks, and the main objective is to replicate a benchmark index. However, as per ESMA's interpretation, any derivative use can be classified as complex."
    }
}