{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks an index of variable-rate preferred and hybrid securities, which may include complex financial instruments. Securities lending is employed, introducing counterparty risk. This ETF invests in preferred shares and hybrid securities, which may include embedded derivatives, which can lead to a complex asset classification. Further, the document indicates the underlying index tracks debt with variable rate characteristics.",
        "classification": "complex",
        "supporting_data": "The ETF aims to track an index composed of variable-rate preferred shares and hybrid securities. These securities are exposed to interest rate risk, with the possibility of deferral or omission of distributions, leading to potential loss of value. The index itself is the intellectual property of the index provider, which has to be clearly disclosed. The ETF engages in securities lending, introducing counterparty risk, which, while managed within UCITS rules, increases the complexity assessment as it introduces counterparty risk as per ESMA guidelines. The underlying index consists of floating and variable rate investment grade and sub-investment grade U.S. dollar-denominated preferred and hybrid securities. The variable nature of the interest rates adds further complexity. This includes instruments that may embed derivatives. The combination of these factors indicates this ETF should be classified as complex."
    }
}