{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "N/A",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of derivatives (credit default swaps, currency swaps, futures, and forwards) integral to the investment strategy, potentially introducing counterparty and collateral risk.",
            "Investment in a potentially diverse range of fixed income securities from developed and emerging markets, which could introduce various risk types.",
            "Use of 'financial derivative instruments (FDIs)' such as futures, forwards, and swap contracts (including credit default swaps and total return swaps)."
        ],
        "classification": "complex",
        "supporting_data": "The iShares $ Corp Bond Enhanced Active USD Accu ETF, while UCITS compliant, utilizes derivatives like credit default swaps, currency swaps, futures, and forwards to achieve its active management strategy, aiming for total return from corporate bonds in developed and emerging markets.  This derivative use, integral to the strategy, introduces counterparty and collateral risks.  The inclusion of swaps, specifically credit default swaps and total return swaps, suggests a complex structure that could be difficult for retail investors to understand. Although securities lending is mentioned, the overall risk profile, driven by the derivative nature of the investment strategy, and the potential opacity of the fundu2019s portfolio composition, leads to a complexity classification in accordance with MiFID II.  The fact that the fund is managed actively means the fund managers have discretion in choosing securities based on their market outlook and may invest in a number of assets which may introduce factors outside of the index used for benchmark comparison.  For example, if the manager has chosen securities not in the index, this may be difficult for a retail investor to understand."
    }
}