{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Currency hedging derivatives",
            "Securities Lending"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF that uses physical replication, which are factors leaning towards a non-complex classification, this specific share class is classified as complex due to its structural features. The primary reason is the use of financial derivatives for currency hedging. This feature is central to the strategy of the 'GBP Hedged' share class and introduces risks that are difficult for an average retail investor to understand, such as hedging risk (the hedge may not be successful) and counterparty risk. The KIID explicitly highlights a 'DERIVATIVES RISK', stating it 'may result in greater fluctuations in the value of the fund', which indicates the impact is not negligible and the structure makes the risk profile difficult to understand. This aligns with the MiFID II Delegated Regulation Article 57, which points to complexity where a structure makes it difficult for a client to understand the risk. Additionally, the fund engages in securities lending, which introduces a further layer of counterparty risk. The combination of these features overrides the baseline non-complex presumption for a UCITS ETF.",
        "final_assessment": "Complex"
    }
}