{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "leverage": false,
        "inverse": false,
        "swaps": false,
        "derivatives": true,
        "complex_factors": [
            "Collateralised Loan Obligations (CLOs)"
        ],
        "classification": "complex",
        "supporting_data": "The fund is classified as 'complex' primarily because its investment strategy is to hold Collateralised Loan Obligations (CLOs). Although it is a UCITS ETF using a physical replication method, the underlying assets themselves are highly structured and difficult for a typical retail investor to understand. A CLO is a form of securitised debt where value is derived from a complex pool of underlying loans and bonds. According to ESMA guidance (CESR/09-295, paragraphs 49-50), Asset-Backed Securities like CLOs and CDOs should not be regarded as non-complex instruments due to their structural complexity. This overrides the general presumption that a UCITS ETF is non-complex. Furthermore, the Key Information Document (KID) for this product contains the mandatory PRIIPs comprehension alert: 'WARNING: You are about to purchase a product that is not simple and may be difficult to understand'. The presence of this warning is a direct confirmation from the manufacturer that the product is considered complex under MiFID II rules."
    }
}