{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Currency hedging using currency forwards"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and passively managed, tracking the Bloomberg US Liquid Corporates 1-5 Year Index (Total Return). It uses a stratified approach and 'portfolio optimisation' technique. While it invests predominantly in bonds, transferable securities, and money market instruments, it may use derivatives or a combination of direct investment and derivatives to achieve proportionate exposure to the index components. Critically, it employs currency hedging, using currency forwards, making it complex due to the nuanced risks of managing currency exposure. The KIID has a risk rating of 4/7 indicating market volatility but not structural complexity in itself. Though securities lending is specifically excluded, the presence of currency forwards makes derivatives a core part of this strategy."
    }
}