{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for currency hedging",
            "Counterparty risk",
            "Derivatives for direct investment"
        ],
        "classification": "complex",
        "supporting_data": "Although this is a UCITS ETF employing physical (optimised) replication, which are characteristics of a non-complex product, its classification is driven to 'complex' by the features of this specific share class. The key factor is that this is a currency-hedged share class ('MXN Hedged'). To achieve this objective, the fund explicitly states it uses Financial Derivative Instruments (FDIs), including FX forward contracts. This use of derivatives is integral to the share class's strategy, not merely for Efficient Portfolio Management (EPM). The KIID also states that 'FDIs may be used for direct investment purposes,' which is a significant indicator of complexity. The introduction of a currency hedging mechanism brings in additional risks that are difficult for a typical retail investor to understand, such as counterparty risk (which is explicitly mentioned in the KIID) and the risk that the hedging strategy may not be perfect. Under MiFID II, a product is considered complex if its structure or risks require advanced knowledge to understand. The mechanics of currency hedging and its associated risks meet this criterion, thus overriding the non-complex presumption of a standard UCITS ETF."
    }
}