{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Uses derivatives for efficient portfolio management (EPM)",
            "Bond ETF - May hold complex bonds",
            "Credit risk"
        ],
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF aims to track the Bloomberg 0-3 Year U.S. Corporate Bond Index using a stratified sampling strategy and invests primarily in fixed rate, investment-grade bonds. Although the ETF uses derivatives for efficient portfolio management, its replication method is mainly physical replication. Securities lending is used which introduces counterparty risk.  The fund does not use leverage, is UCITS compliant. The bonds themselves may represent risks, and this must be properly communicated to the client. But overall the structure is reasonably transparent even if individual bonds may have some level of complexity",
        "explain": "The ETF is UCITS compliant and while it uses derivatives, they are primarily for EPM. The fund uses physical replication to track its benchmark. All of these factors point towards the ETF being non-complex. While bonds have credit risk these are generally transparent elements."
    }
}