{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF uses financial derivative instruments (FDIs) such as FX forward contracts for currency hedging. This can make it a complex asset, even if the primary objective is to track an index passively. Also the ESMA guidelines suggest any use of derivatives can make an asset complex.",
        "classification": "complex",
        "supporting_data": "The ETF utilizes currency hedging through the use of FDIs (FX forward contracts), which falls under the definition of derivative use. The supervisory briefing by ESMA highlights that the use of derivatives can make an asset complex. (MiFID II Supervisory briefing Appropriateness and execution-only paragraph 18) The use of hedging can introduce complexity to the understanding of the structure, risks and returns for a retail investor. ESMA guidelines also emphasize the need for firms to provide clear warnings about the risks involved. The KID document itself highlights the potential impact of currency fluctuations and the use of derivatives for hedging, thereby increasing the need for appropriate assessment and warnings."
    }
}