{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Currency hedging introduces a derivative element",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, indicating a regulated structure. It employs physical replication, holding the shares of the index it tracks. Derivatives are used solely for currency hedging (selling foreign currency forwards), which is considered efficient portfolio management. Although derivatives are present for hedging, the limited use and purpose typically do not make an ETF complex. The fund does not participate in securities lending, eliminating a potential complexity factor.",
        "explanation": "This ETF is classified as non-complex because it meets the criteria for a simple UCITS ETF. It uses physical replication to track an index. While it employs currency hedging via foreign exchange forwards, this is for risk management rather than being integral to replicating the index performance. As derivatives are used for EPM and are limited in scope, they don't trigger a complex classification."
    }
}