{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for currency hedging",
            "Complex Index"
        ],
        "classification": "complex",
        "supporting_data": "The asset is a UCITS ETF and uses physical replication, which both lean towards a non-complex classification. However, this presumption is overturned by several factors. The primary reason for a 'complex' classification is that this specific share class is currency-hedged to CHF ('hCHF dis'). The KIID states this is achieved by using derivatives ('selling foreign currency forwards'). This use of derivatives is not for incidental efficient portfolio management but is an integral and systematic part of the share class's investment strategy. It introduces counterparty risk, as highlighted in the KIID ('potential loss due to failure of counterparty'), a concept and risk that is difficult for a retail investor with basic knowledge to understand. Furthermore, the ETF tracks the 'MSCI UK IMI Extended SRI Low Carbon Select 5% Issuer Capped' index. This index is not a standard, broad market benchmark; its methodology involves multiple complex screens (SRI, Low Carbon, Capping), which makes it more difficult for an investor to readily understand the drivers of performance. The combination of structural derivative use for hedging and the complexity of the underlying index leads to the classification of this ETF as a complex instrument under MiFID II."
    }
}