{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of derivatives (currency forwards) for hedging",
            "Counterparty risk"
        ],
        "classification": "complex",
        "supporting_data": "The fund is classified as complex. Although it is a UCITS ETF that uses physical replication, which are factors leaning towards a non-complex classification, this specific share class has a stated objective to track a '100% hedged to CHF Index'. To achieve this currency hedging, the fund uses derivative instruments (foreign currency forwards). According to the MiFID II framework, when derivatives are integral to achieving the investment objective, the product is considered complex. The currency hedging is a core part of this share class's strategy, not merely for efficient portfolio management. This structure introduces risks, such as counterparty risk, which the KIID explicitly mentions ('potential loss due to failure of counterparty'). Understanding the mechanics of currency forwards and the associated counterparty risk is considered difficult for the average retail investor, thus warranting a complex classification and the corresponding comprehension alert."
    }
}