{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging",
            "Revenue exposure filtering",
            "Complex dividend weighting adjustments"
        ],
        "classification": "complex",
        "supporting_data": "This is a UCITS ETF that seeks to track the WisdomTree Japan Dividend UCITS Index. It employs a physical replication method by investing in a representative sample of the index's component securities and forward foreign exchange contracts. The index uses a revenue exposure and a composite risk score (CRS) made up of two factors (quality and momentum) that influence security selection. The weight of each component company in the Index is calculated based on the aggregate cash dividends (the u201cDividend Streamu201d) and its CRS. Component companies are then weighted annually in the Index to reflect their proportionate share of the Adjusted Dividend Stream. This fundamentally weighted approach, combined with the ESG criteria, use of forward foreign exchange contracts (contracts between two parties to buy or sell a specific currency in the future at an agreed upon exchange rate) in order to hedge the Japanese Yen exposure arising as a result of the difference between the Japanese Yen and the Sterling and index construction can create a product that may not be easily understood by retail clients.",
        "justification": "This UCITS ETF is classified as complex due to the usage of derivative instruments for currency hedging as an inherent element of its investment strategy and index weighting adjustments using revenue and CRS criteria. The composite index construction, revenue exposure and the hedging mechanism are features that may be difficult for retail investors to fully understand, increasing the complexity of the asset."
    }
}