{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging",
            "Index Tracking Risk",
            "Derivatives used for efficient portfolio management (EPM)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, tracking the S&P High Yield Dividend Aristocrats EUR Dynamic Hedged Index using physical replication. It uses derivatives for efficient portfolio management (currency hedging) which introduces some complexity, as well as Index Tracking Risk. The fund aims to reduce currency exchange rate fluctuations between the share class and the currency of the underlying assets. ",
        "complex": false,
        "non-complex": true,
        "explanation": "Although derivatives are used for currency hedging, the ETF uses physical replication to track a transparent index. The derivatives use is limited to efficient portfolio management (EPM) with minimal impact on risk-return. While ESMA guidance sometimes flags any derivative use as complex, the limited EPM use here, coupled with the transparent index and physical replication, supports a non-complex classification. The KIID clearly states the objective and risks."
    }
}