{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for currency hedging"
        ],
        "classification": "complex",
        "supporting_data": "The fund is a UCITS ETF employing physical replication by purchasing a portfolio of securities, which are typically non-complex features. However, this specific share class (2D - EUR Hedged) is classified as complex due to its use of derivatives for currency hedging. The KIID states the fund will 'enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations'. This use of derivatives is integral to the investment objective of this specific hedged share class and is not merely for Efficient Portfolio Management (EPM). This introduces structural complexity and specific risks, such as counterparty risk and the risk of imperfect hedging, which are difficult for a retail investor to understand. The KIID highlights 'DERIVATIVES RISK' as a significant risk, noting that the hedging 'may not always be successful and may result in greater fluctuations in the value of the fund'. According to MiFID II rules, when derivatives are central to achieving the investment objective and introduce risks that are not easily understood, the instrument is deemed complex."
    }
}