{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "FX Forward Contracts for Hedging"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the MSCI EMU 100% Hedged to USD Index. It primarily uses physical replication by holding the underlying equity securities. However, it also employs FX forward contracts to hedge currency risk, which are considered derivatives. According to MiFID II, while the use of derivatives for efficient portfolio management (EPM) is permissible, their integration into the core strategy or significant use can lead to a complex classification. In this case, the FX forward contracts are explicitly stated as part of the strategy to hedge each non-USD currency in the index back to USD, which is a form of hedging currency exposure inherent to the index's components. While this is a common practice for hedged ETFs and is for risk management (currency risk), the explicit mention of using 'FX forward contracts' could be interpreted by some regulators as introducing derivative complexity. However, given that the primary replication is physical and the derivatives are for hedging currency, not for replicating complex payoffs or providing leverage, it leans towards non-complex. The KIID does not indicate any complex underlying assets or structures beyond the FX hedging. The risk indicator is 'six' out of seven, which reflects market volatility, not structural complexity. Securities lending is mentioned as a secondary income source with a revenue share, which is standard and does not typically render an ETF complex."
    }
}