{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency hedging using FX forward contracts",
            "Use of derivatives for efficient portfolio management",
            "Optimising techniques can make harder for investors to understand"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and employs physical replication, which generally suggests non-complexity. However, the ETF uses derivatives for currency hedging, which involves FX forward contracts. Although derivatives are also used for efficient portfolio management, the presence of any derivative use, especially for hedging, introduces counterparty risk, potentially making the ETF complex. The fund uses optimising techniques which are not easily understood by retail investors."
    }
}