{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency hedging with forward exchange contracts",
            "Revenue and risk score screening",
            "Securities lending"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant, and seeks to track the WisdomTree Europe Equity UCITS Index. The ETF employs a passive management approach and invests in a representative sample of the index's component securities. Currency hedging is implemented using forward exchange contracts, introducing counterparty risk. Securities lending is used for efficient portfolio management, potentially increasing counterparty risk. The index methodology screens based on revenue exposure and a composite risk score (CRS) leading to more limited global revenue base which itself is not a complex factor. Despite physical replication, derivative usage for currency hedging (forward exchange contracts) combined with securities lending contribute to complexity.",
        "explanation": "While the ETF uses physical replication to track its index, the currency hedging strategy implemented through forward exchange contracts introduces complexity. Additionally, the ETF engages in securities lending for efficient portfolio management, which also adds a layer of counterparty risk. This level of derivative use and securities lending pushes it into the complex category under MiFID II."
    }
}