{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Derivatives usage",
            "Total Return Swaps",
            "Counterparty Risk",
            "Index Exclusionary Criteria",
            "Securities Lending"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is a UCITS ETF that aims to track the MSCI Europe Climate Paris Aligned Index. While UCITS ETFs are generally presumed non-complex, this one uses derivatives, specifically total return swaps, up to 10% of its assets. The ETF may also invest up to 10% in other funds, including HSBC funds and may enter into securities lending transactions for up to 30% of its assets. The use of derivatives, even with collateralization, introduces counterparty risk and complexity as it relies on a third party to deliver the index return. Securities lending, though common, also introduces counterparty risk. The index itself also uses exclusionary criteria leading to further complexity."
    }
}