{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETF uses interest rate hedging via US Treasury bond futures (derivatives) to manage the interest rate risk which introduces counterparty risk and the complexity of futures contracts to retail investors.",
        "classification": "complex",
        "supporting_data": "The iShares $ Corp Bond Interest Rate Hedged USD (Acc) ETF uses derivatives (US Treasury bond futures) to hedge interest rate risk. This active hedging strategy, while aiming to reduce risk, introduces complexity. The use of derivatives falls under the 'complex' classification criteria as per MiFID II. Specifically, the fund's use of futures for hedging introduces counterparty risk (the risk that the futures provider defaults) and the understanding of these derivative instruments and their associated risks like counterparty default are not easily grasped by retail investors. Additionally, it uses 'optimising techniques to achieve a similar return' which may include FDIs, further adding to the potential complexity."
    }
}