{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF uses FLEX options to achieve its investment objective, which are derivatives. These introduce counterparty risk. This falls under the category of complex assets as per ESMA guidance.",
        "classification": "complex",
        "supporting_data": "The First Trust Vest U.S. Equity Buffer UCITS ETF - April uses FLEX Options, which are derivatives, to provide returns that match the S&P 500 Index, up to a predetermined upside cap. According to the provided information, the ETF primarily invests in financial derivative instruments for investment purposes which makes this complex. The use of FLEX options introduces complexity and counterparty risk, making the asset complex. Even if they are cleared by the Options Clearing Corporation (the u201cOCCu201d) and traded on Regulated Markets in the US (and in particular the Cboe Options Exchange). 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. The buffer and the Upside Cap will be reduced by the Annual Management Fee, as well as any brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fundu2019s Annual Management Fee. The Fund seeks to achieve specified outcomes but there is no guarantee that the outcomes for a Target Outcome Period will be achieved. Also according to ESMA any derivative use, even for EPM, is likely to classify the asset as complex."
    }
}