{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "FX Forward Contracts",
            "Sub-investment grade bonds",
            "Counterparty Risk",
            "Currency Hedging"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the Markit iBoxx Global Developed Markets Liquid High Yield Capped (CHF Hedged) Index. While it uses FX forward contracts for currency hedging, which introduces some derivative elements and counterparty risk, the primary investment strategy is in fixed income securities. The document states that UCITS are generally presumed non-complex, and this ETF uses a physical replication approach with optimization techniques. The use of FX forwards is for hedging purposes, not to replicate complex strategies. The underlying index is composed of global developed corporate high yield debt, which is sub-investment grade. The risk indicator is rated 4, reflecting the risks of fixed income securities. However, the core structure is physical replication of a bond index, which is generally understood by retail investors. The use of derivatives is limited to efficient portfolio management (FX hedging) and does not appear to be integral to the fund's core strategy in a way that would introduce significant complexity or opacity for a retail investor. The KIID itself does not flag any specific complex features that would override the baseline UCITS presumption beyond the inherent risks of high-yield bonds and FX hedging."
    }
}