{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF uses currency hedging via selling foreign currency forwards at one month, which is a derivative and introduces complexity and counterparty risk. The KID also states the fund may use derivatives for risk reduction and for generating income. The ETF invests in equities and is subject to high volatility.",
        "classification": "complex",
        "supporting_data": "The UBS (Irl) ETF plc - MSCI Australia UCITS ETF uses derivatives,specifically currency forward contracts for hedging the CHF share class, introducing complexity as derivatives are integral to the investment objective. The fund is passively managed and seeks to track the MSCI Australia Index. The use of derivatives for risk reduction or income generation, even if limited, can contribute to a complex classification under MiFID II. Furthermore, while the replication method is primarily physical, the presence of derivative use in the ETF's investment strategy due to currency hedging drives the complexity assessment. The risk profile is categorized as 6/7 on the KID."
    }
}