{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "synthetic",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Counterparty Risk",
            "Hedging Risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF uses indirect replication via an over-the-counter (OTC) swap contract (financial derivative instrument). This immediately flags it as complex due to the inherent risks associated with derivatives, such as counterparty risk and potential collateral risk. Additionally, the ETF employs a daily hedging strategy for GBP currency risk, which introduces hedging risk where the currency hedging may be imperfect. The objective of reflecting the performance of a futures-based index (Solactive USD Daily (x7) Steepener 2-10 Index) which involves a long position in 2Y US Treasury Note Futures and a short position in Ultra 10Y US Treasury Note Futures, further highlights the derivative-centric nature of the strategy. The inclusion of 'Risk of Financial derivative Instruments' and 'Counterparty risk' in the Risk and Reward Profile directly supports the complex classification."
    }
}