{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF uses derivatives (swaps, futures, options) for replication, introducing counterparty risk and complexity. Additionally, the Morningstar Wide Moat Focus Index may have its own complexities, though not directly listed.",
        "classification": "complex",
        "supporting_data": "The VanEck Morningstar US Wide Moat UCITS ETF is classified as complex due to its investment policy allowing the manager to use financial derivative instruments (FDIs), including swaps, to approximate the investment performance of the index. This reliance on derivatives, particularly swaps, introduces counterparty risk and opaqueness, making it difficult for retail investors to fully understand the risks involved. Moreover, even though the ETF uses physical replication by investing directly in the underlying equity securities and may use an optimised sampling methodology where it is not practical or cost efficient for the Fund to fully replicate the Index , the use of FDIs is central to the strategy. Section 3 of the text identifies the key elements driving a 'complex' asset classification related to derivatives and swaps."
    }
}