{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of derivatives for replication, which introduces counterparty risk and potential collateral risk.",
            "Hedging strategy using derivatives (currency forwards).",
            "Use of OTC derivatives.",
            "Exposure to the index through derivatives.",
            "Potential rebalancing costs from direct replication versus derivative-based replication."
        ],
        "classification": "complex",
        "supporting_data": "The fund explicitly states that it will use derivatives to achieve proportionate exposure to the MSCI Canada 100% hedged to USD Index (Net Return). This is not limited to efficient portfolio management (EPM), as the use of derivatives is integral to the investment objective. The description mentions 'OTC derivatives' further highlighting the complex nature of the derivative strategy, and explicitly states 'counterparty risk' is mitigated by a collateral policy.  The use of currency forwards for hedging also indicates a derivative-dependent strategy. While the fund states the strategy is passively managed, use of derivatives makes it fall into the complex category, given the difficulty for retail investors to comprehend the specifics of the derivative strategy. The potential rebalancing costs resulting from either direct replication or derivative replication further add a layer of complexity that would need explanation in the KIID, and is likely beyond the average retail investor's comprehension."
    }
}