{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Currency Hedging using FX Forward Contracts",
            "Use of Derivatives for portfolio optimization",
            "MSCI World Index - complex index"
        ],
        "classification": "complex",
        "supporting_data": "The iShares MSCI World GBP Hedged UCITS ETF uses FX forward contracts to hedge currency risk, which constitutes derivative use and introduces counterparty risk, which the retail investor may not fully understand. The fund also uses optimization techniques, potentially including derivatives for efficient portfolio management, adding to the complexity. Furthermore, the MSCI World Index itself is complex and not easily understood by the average retail investor. As per ESMA guidance, any derivative usage can classify the asset as complex. According to the ESMA (ESMA35-36-1640) and CESR/09-295 documents shares, the presence of derivatives and the inherent complexity of the underlying index make the fund complex under MiFID II. As stated in the ESMA document 2.1 this is dependent on the type of service in question and the type of investment product. The fund also invests in an index that utilizes a hedging strategy, this adds additional complexities that the average retail investor may not fully grasp and does not provide the client with the level of protection that they may need or are entitled to when entering non-advised services."
    }
}