{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF invests in residential mortgage-backed securities (RMBS).  RMBS are subject to market risk and the liquidity of such investments may change over time. The underlying mortgage loans or the guarantees underlying mortgage-backed securities are subject to the risk of default or may otherwise fail, leading to non-payment of interest and principal.",
        "classification": "complex",
        "supporting_data": "The ETF invests in residential mortgage-backed securities (RMBS), a type of asset-backed security (ABS).  RMBS are explicitly identified as complex instruments because they introduce risks that may be difficult for retail investors to understand. The fund employs an active management approach which can also add to the complexity.  The risk indicator (3/7) points to a moderate risk profile. The use of RMBS indicates that the ETF is complex.  ESMA states, The value of Asset Backed Securities is derived from the assets that underlie them. The cash-flows and the ultimate cash settlement will also be determined by reference to these underlying assets, similarly to those types of transferable securities that are automatically complex for the purposes of the appropriateness requirements because they fall within MiFID Art.4(1)(18)(c).  The mortgage loans or the guarantees underlying mortgage-backed securities are subject to the risk of default or may otherwise fail, leading to non-payment of interest and principal. In addition, the liquidity of such investments may change over time. These securities are extremely sensitive to changes in interest rates and prepayments."
    }
}