{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Currency hedging with derivatives. Potential use of swaps to replicate index.",
        "classification": "complex",
        "supporting_data": "The Xtrackers MSCI USA UCITS ETF (IE00BG04LZ52) uses financial contracts (derivatives) for currency hedging at the share class level (CHF Hedged). The fund's investment policy includes entering into financial contracts (derivatives) to reduce the effect of exchange rate fluctuations. This is a direct reference to the use of derivatives making this a complex fund. The document references ESMA guidance that often classifies any derivative use as complex. The fund attempts to replicate the MSCI USA Index which, while not mentioned as complex in itself, the use of derivatives introduces a level of complexity for a retail investor to easily understand. The KID highlights this as the potential for losses and gains. This makes this ETF complex under MiFID II. The fund's use of derivatives (swaps or futures) to hedge currency risk also suggests complexity."
    }
}