{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for currency hedging",
            "Potential use of swaps",
            "Complex ESG screened index"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF using physical replication, it is classified as 'complex' under MiFID II for several reasons. Primarily, as a currency-hedged share class, it systematically uses derivatives to achieve its investment objective. The KIID states, 'Currency hedging techniques are used to minimise the risks associated with movements in currency exchange rates'. This use of derivatives is integral to the strategy of this specific share class, not merely for efficient portfolio management, and introduces concepts and risks (hedging costs, imperfect hedge, counterparty risk) that are difficult for a retail investor to understand. Furthermore, the KIID explicitly mentions that the fund may use 'swaps, futures', which, according to the provided rules, mandates a 'complex' classification. The underlying benchmark, the 'Bloomberg MSCI Global Corporate Float-Adjusted Liquid Bond Screened Index', also adds a layer of complexity due to its ESG screening methodology, which relies on proprietary models like MSCI's controversy scores. The combination of these factors overturns the non-complex presumption for UCITS and requires the product to be treated as complex."
    }
}