{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF tracks a European Defense Index. While the index itself is not directly complex, the sector focus could involve companies with complex business models and the potential for political and regulatory risk. The ESMA documents highlights that the determination of complexity relies on a case-by-case assessment based on the structure and components of an investment instrument.",
        "classification": "non-complex",
        "supporting_data": "Based on the provided Key Investor Information, the WisdomTree Europe Defence UCITS ETF is likely a non-complex product under MiFID II. The fund aims to track the WisdomTree Europe Defence UCITS Index using physical replication. The use of derivatives is limited to efficient portfolio management. This aligns with the framework for non-complex ETFs. The fund holds a basket of equities within the European Defence sector. The ESMA Supervisory Briefing indicates that ETFs following a transparent and well-defined index typically are deemed non-complex. The KID suggests it is a diversified fund. There are no indications of leveraged positions or any instruments embedding a derivative that would change its classification to 'complex'. The fund does not have significant leverage and there is no mention of complex derivatives used to replicate the index. The index methodology is documented and publicly available, supporting non-complexity. Based on the ESMA document, an assessment needs to be made to ensure all criteria for non-complex products are met."
    }
}