{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF invests in USD AAA CLOs, which are complex financial instruments. The KID states, 'You are about to purchase a product that is not simple and may be difficult to understand'. Derivatives are used for hedging/risk-reduction, but this alone does not make the instrument complex. The fund is actively managed. These are complex due to the underlying loan obligations and the CLO structure governing priority of payments, including liquidity risk, interest rate risk, and CLO credit risk.",
        "classification": "complex",
        "supporting_data": "The Janus Henderson Tabula USD AAA CLO UCITS ETF is classified as complex.  The fund invests in AAA-rated collateralized loan obligations (CLOs). The nature of the underlying assets introduces complexity because it is difficult to understand the risk of the underlying assets. The KID highlights that the product 'may be difficult to understand' as it is an actively managed portfolio of CLOs.  These investments involve complexities like Liquidity risk: CLOs might be subject to liquidity risk. CLO Credit Risk: CLOs carry credit risk, the primary source of credit risks is the ability of the underlying portfolio of loans to generate sufficient cash flow to pay investors. These factors contribute to the complex assessment.  Additionally, the ETF uses derivatives for hedging purposes, and this is a characteristic of structured products making it 'complex'."
    }
}