{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Non-investment grade fixed income securities",
            "Index composition (Fallen Angels)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is classified as non-complex. It aims to achieve its objective by investing, as far as possible and practicable, in the fixed income (FI) securities that make up the Bloomberg Barclays Global Corporate ex EM Fallen Angels 3% Issuer Capped Index. The index measures the performance of fixed and floating rate, sub-investment grade bonds, issued by corporate issuers in developed markets, which have a rating of between BB+ and B- (inclusive) at the time of inclusion and have been downgraded to sub-investment grade. The ETF uses optimising techniques, which may include strategic selection of certain securities or other FI securities with a similar risk profile, or the use of financial derivative instruments (FDIs) for direct investment purposes. However, the primary method is physical replication. The document explicitly states that 'All investments in UCITS are non-complex instruments by definition, for the purposes of the appropriateness requirements, regardless of the underlying instruments in which the UCITS invests.' While it does mention the potential use of FDIs, the primary objective and mechanism are physical replication of a bond index. The complexity associated with 'Fallen Angels' in the index relates to the credit quality of the underlying bonds rather than a complex derivative structure or payoff, and this risk is captured by the risk indicator. Therefore, it is presumed non-complex due to its UCITS status and physical replication strategy, with the underlying index risk being a market risk rather than a structural complexity."
    }
}