{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for currency hedging",
            "Counterparty Risk",
            "Securities Lending"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as complex based on the MiFID II framework. Although it is a UCITS ETF employing physical replication, which typically suggests a non-complex classification, the presence of specific features overturns this presumption. The key factor is that this is a currency-hedged share class ('HEDGED GBP'). To achieve this, the fund must use derivatives (e.g., currency forwards or swaps). According to the assessment rules, an ETF is complex if derivatives are integral to achieving its investment objective. For this specific share class, the currency hedging is not merely for efficient portfolio management (EPM) but is a central component of the strategy to deliver the index's return in GBP terms. This introduces risks that are difficult for an average retail investor to understand, such as 'Hedging risk' and 'Counterparty risk', which are both explicitly mentioned as material risks in the KIID. The need for an investor to comprehend the mechanics of currency hedging and the associated counterparty default risk makes the product difficult to understand, leading to a 'complex' classification and requiring a comprehension alert.",
        "assessment": "Complex"
    }
}