{
    "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 asset is classified as complex. Although it is a UCITS ETF that uses physical replication, which are factors that support a non-complex classification, the fund's strategy for this specific share class (hEUR acc) makes it complex. The Key Investor Information document states the fund tracks a '100% hedged to EUR Index' and that it uses derivative instruments, specifically by 'selling foreign currency forwards'. This currency hedging is an integral part of the investment objective for this share class, not merely for efficient portfolio management. The use of derivatives introduces risks and a structure that are difficult for an average retail investor to understand, including counterparty risk, which the KIID explicitly warns about: 'The Fund may use derivatives which can...give rise to market risks as well as potential loss due to failure of counterparty.' According to MiFID II rules, when derivatives are integral to achieving the investment objective and introduce risks like counterparty risk, the ETF is classified as complex."
    }
}