{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for investment purposes"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as 'complex'. Although it is a UCITS ETF using physical (sampling) replication to track a transparent index of UK government bonds, which are strong indicators of non-complexity, the presumption is overturned by the fund's ability to use derivatives. The KIID states that the Sub-Fund may use derivatives not only for efficient portfolio management (EPM) but also 'for investment purposes in order to seek to increase return'. This goes beyond the limited EPM scope generally considered non-complex under MiFID II. This feature introduces structural complexity and additional risks, such as 'Derivatives risk' and 'Counterparty risk', which are explicitly listed in the KIID. These risks and the underlying derivative mechanisms are difficult for an average retail investor to understand. According to the MiFID II framework (Rule 2), when derivatives are used to do more than just manage risk with minimal impact, the instrument is typically classified as complex. Therefore, despite its straightforward underlying assets, the potential use of derivatives for investment purposes makes the ETF complex."
    }
}