{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Indices"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF that uses physical replication and only employs derivatives for Efficient Portfolio Management (EPM), its classification is driven by the complexity of its underlying benchmark index. The fund tracks the 'Solactive Global Metaverse Innovation Index', which uses a 'proprietary natural language processing algorithm' for security selection. This method is opaque and not easily understood by the average retail investor, who cannot readily discern the rules governing the index's composition. The KIID itself highlights 'Index related risk', noting the risk that 'quantitative techniques used in creating the Index... do not generate the intended result'. According to MiFID II and ESMA guidelines, if an index's structure or methodology is difficult to understand, it can render the ETF complex, even if the replication method is physical. The lack of transparency in the investment strategy's core component (the index) is the primary reason for a 'complex' classification."
    }
}