{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Emerging Market Sovereign Debt",
            "Use of Derivatives",
            "Portfolio Optimisation",
            "Currency Hedging"
        ],
        "classification": "complex",
        "supporting_data": "This is a UCITS ETF which tracks the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped Index (Total Return) using a stratified approach by investing in a representative sample of components of the index selected by the portfolio manager using a 'portfolio optimisation' technique. The proportionate exposure by the Fund to the component securities will be substantially achieved either through direct investment or through the use of derivatives or through a combination of both techniques. As such it would be categorised as 'complex' for MiFID II purposes. The fund invests in Emerging Market Sovereign Debt implying that a retail investor may lack sufficient understanding of these debt structures and political risks involved. Derivative instruments, such as currency hedges, are used. All of these are factors considered to indicate complexity. Therefore, this ETF would be classified as complex under MiFID II."
    }
}