{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "FX forward contracts for hedging introduce counterparty risk.",
            "The use of derivatives, specifically FX forwards, is central to the hedging strategy.",
            "The index uses exclusionary criteria, which can affect the investment profile",
            "Roll costs due to the continuous rolling of one-month forward contracts reset at month end"
        ],
        "classification": "complex",
        "supporting_data": "The ETF employs FX forward contracts for hedging currency risk, which are derivative instruments. The KIID states the ETF uses FX forward contracts that track the hedging methodology of the Index, which comprise rolling one-month forward contracts reset at month end. This derivative use is integral to the investment objective, specifically hedging currency risk and managing the hedging methodology, making it complex. The reliance on the use of derivatives, particularly forwards, and their continual rolling to maintain the hedge (which incur roll costs) introduces complexity. The use of derivatives as described is more than simply efficient portfolio management. The fund is considered to be using synthetic replication. The index exclusions add further complexity as they are not easily understood. Based on ESMA's interpretations, the use of derivatives, even for hedging, triggers complexity. The KIID's description indicates that the ETF would need a comprehension alert."
    }
}