{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication using swaps, with exposure to an index that excludes shares with exposure to specific sectors, and the use of derivatives is integral to achieving its investment objective. The reference benchmark has a high level of concentration. The fund uses total return swaps and contracts for difference. The fund may enter into securities lending transactions. Index is a subset of a more generic index.",
        "classification": "complex",
        "supporting_data": "The HSBC ASIA PACIFIC EX JAPAN SUSTAINABLE EQUITY UCITS ETF utilizes derivatives in its investment strategy, particularly total return swaps and contracts for difference. This signifies synthetic replication, where derivatives are employed to achieve the investment objective of tracking the FTSE Asia Pacific ex Japan ESG Low Carbon Select Index. The use of derivatives is integral to the fund's structure, introducing complexities such as counterparty risk and collateral risk, which are often difficult for retail investors to understand. According to the provided MiFID II guidelines, the use of derivatives generally leads to a 'complex' classification, especially when they are central to the investment strategy. The fund's investment policy also includes securities lending, which, while not automatically rendering an ETF complex, introduces additional counterparty risk to retail clients. The fund tracks an index that is a subset of a more complex index. The combination of derivative use, synthetic replication, the use of total return swaps and the presence of securities lending make the ETF complex."
    }
}