{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for currency hedging",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The fund is a UCITS ETF that uses physical replication to track the Bloomberg Sterling Gilt Float Adjusted Index, which is composed of non-complex UK Government Bonds. These factors support a baseline non-complex presumption. However, this specific share class (EUR Hedged Accumulating) employs currency hedging techniques using derivatives to minimize exchange rate risk between GBP (the base currency) and EUR (the share class currency). The KIID states that performance is shown against the 'currency hedged version of the Index', which makes the use of derivatives integral to achieving the investment objective for this particular share class, not just for ancillary Efficient Portfolio Management (EPM). This introduces complexity for a retail investor, who must understand how currency hedging works and its associated risks, such as the explicitly mentioned 'Counterparty risk' from derivatives. According to the MiFID II framework, when derivatives are central to the strategy and introduce risks that are difficult for a retail investor to understand, the UCITS non-complex presumption is overturned. Therefore, due to the integral nature of the currency hedging derivatives, this specific share class is classified as complex."
    }
}