{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Currency hedging through forward contracts",
            "Use of derivatives for hedging and potentially managing risk."
        ],
        "classification": "complex",
        "supporting_data": "The UBS (Lux) Fund Solutions - MSCI Japan Socially Responsible UCITS ETF, class (hedged to CHF) A-dis (ISIN: LU1273488475) is a passively managed ETF tracking the MSCI Japan SRI Low Carbon Select 5% Issuer Capped 100% hedged to CHF Index (Net Return). The fund uses derivatives for currency hedging, which is an inherent feature of its strategy rather than just efficient portfolio management.  While the fund claims passive management, the use of derivatives like currency forwards for hedging is a complex factor impacting the fund's risk profile and the ease of understanding its returns for retail investors.  The ETF is structured as a hedged product. The fund's use of derivatives to hedge against currency fluctuations makes it more complex. This is not just for efficient portfolio management (EPM), it is a core component of the investment strategy.  The complexity of the underlying index (MSCI Japan SRI Low Carbon Select 5% Issuer Capped) also contributes to the overall complexity, though it is not explicitly stated as complex in the provided data. The fund explicitly mentions the use of derivatives and that this may give rise to market risks.  The use of derivatives and hedging mechanisms make the asset more complex than a straightforward physical replication."
    }
}