{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Currency Hedging",
            "Use of Derivatives"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as 'complex' despite being a physically replicated UCITS ETF. The primary reason is that this specific share class is currency-hedged ('100% hedged to EUR'). According to the Key Investor Information Document (KIID), the Fund achieves this by 'selling foreign currency forwards'. This means the use of derivatives is not merely for efficient portfolio management (EPM) but is an integral and central component of the investment strategy for this share class, as it is required to track the hedged version of the index. This introduces a structural complexity and risks related to the derivative contracts (such as imperfect hedging or roll costs) that are not easily understood by the average retail investor. As per MiFID II guidelines, when derivatives are integral to achieving the investment objective, the product is typically classified as complex. The physical replication method and UCITS status do not override the complexity introduced by the currency hedging strategy."
    }
}