{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for replication (swaps)",
            "Complex Index (Solactive Global Multilateral Development Bank Bond USD 25% Issuer Capped hedged to GBP Index)",
            "Counterparty risk (mitigated by collateral policy)"
        ],
        "classification": "complex",
        "supporting_data": "The ETF, UBS Sustainable Development Bank Bonds UCITS ETF, tracks the Solactive Global Multilateral Development Bank Bond USD 25% Issuer Capped hedged to GBP Index (Total Return).  The fund uses derivatives, specifically currency forwards, to gain exposure to the index. While the provider states mitigation of counterparty risk through collateral policies, the use of derivatives for replication rather than just efficient portfolio management is a key factor that triggers a MiFID II complex classification.  The fundu2019s objective, to track a benchmark index, does not inherently suggest complexity. However, the method of replication using derivatives and a somewhat complex index (hedged to GBP) to gain exposure to Multilateral Development Banks bonds leads to an uncertain risk profile that may be difficult for retail investors to understand, thus making the fund complex under MiFID II. The ESG methodology is an additional factor that potentially complicates understanding. The use of currency forwards suggests that counterparty risk is present, and the lack of transparency regarding the specific derivatives used and the extent of collateralization makes it difficult to assess the associated risks.  The fund's risk profile is low; however, the fund's structure is complex enough to require a comprehension alert in the KID."
    }
}