{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Use of derivatives for currency hedging",
        "classification": "complex",
        "supporting_data": "The asset is a UCITS ETF that uses physical replication, which typically supports a non-complex classification. However, this specific share class is currency-hedged ('hedged to EUR'). The KIID states that this is achieved by 'selling foreign currency forwards at one month forward rate'. Under MiFID II, a product is considered complex if derivatives are integral to its investment objective. For this hedged share class, the use of currency forwards is not merely for efficient portfolio management but is a central component of its strategy to mitigate currency risk and track a hedged index. The KIID explicitly warns that 'The Fund may use derivatives which can... give rise to market risks as well as potential loss due to failure of counterparty.' The introduction of derivatives and the associated counterparty risk makes the product's structure and risk profile difficult for a typical retail investor to understand, thus overriding the UCITS presumption and leading to a 'complex' classification."
    }
}