{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF uses derivatives for efficient portfolio management, and tracks an index that excludes specific issuers based on ESG criteria, the KID states this is a term investment to maturity.",
        "classification": "complex",
        "supporting_data": "This UCITS ETF, while having a relatively straightforward investment objective (tracking the Bloomberg MSCI December 2026 Maturity EUR Corporate ESG Screened Index), introduces complexity through its use of derivatives for efficient portfolio management (EPM), mentioned in the document and the index excludes specific issuers based on index providers ESG criteria, which the fund could continue to hold while meeting the index requirements. The ETF's structure, including its fixed maturity date, also adds an element of complexity. The ESMA guidance on complex instruments specifically mentions the use of derivatives and the structure of an index as factors. The document specifically references derivatives being used, this leads to a classification of 'complex'. The fund uses securities lending to offset costs, which introduces counterparty risk. Also the document states that the investor needs to plan to withdraw their money before 15/12/2026 meaning that the investment is designed to be a term investment. This would be similar to the guidance in the ESMA document. Therefore, the fund is classified as complex."
    }
}