{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of derivatives for direct investment",
            "Currency hedging mechanism"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF, which establishes a presumption of non-complexity, several factors lead to a 'complex' classification. The Key Investor Information Document (KIID) explicitly states that Financial Derivative Instruments (FDIs) 'may be used for direct investment purposes'. This goes beyond simple Efficient Portfolio Management (EPM) like hedging or cost reduction, making derivatives a potential part of the core investment strategy. This introduces risks and structural complexities, such as counterparty risk, that are difficult for an average retail investor to understand. Furthermore, this specific share class is 'MXN Hedged' and uses FDIs, including FX forward contracts, to implement its currency hedging strategy. This hedging mechanism is a structure that makes it difficult for the client to understand the risks involved, as the hedging may not be perfect and introduces its own counterparty risks, as highlighted in the 'Particular risks' section of the KIID. While the replication method is physical (optimised) and the underlying index is transparent, the combination of potential derivative use for direct investment and the currency hedging structure overturns the non-complex presumption.",
        "final_assessment": "Complex"
    }
}