{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Derivative use for portfolio management and Interest Rate Risk",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and uses physical replication to track the Bloomberg U.S. 10+ Year Corporate Bond Index. It may use financial derivative instruments for efficient portfolio management. The risk category is 6/7, reflecting market volatility (interest rate risk), not structural complexity. Securities lending is used but is capped at 70%.",
        "rationale": "Despite the use of derivatives for efficient portfolio management (EPM), the ETF primarily uses physical replication and tracks a well-known index. The derivative usage is limited to managing portfolio flows and reducing transaction costs, rather than being integral to achieving the investment objective. While some regulators may flag any derivative use as complex, the limited and well-managed use of derivatives for EPM shouldn't automatically trigger complexity if the impact on the risk-return profile is minimal.  Additionally, based on ESMA guidelines a money market instrument that embeds a derivative can be deemed complex, but this instrument mitigates the risks so it should be ok."
    }
}