{
    "success": true,
    "data": {
        "asset_type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": true,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Derivatives used for investment purposes",
            "Concentration risk"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to track an index by investing primarily in equity securities of companies in the defence technology sector. While it uses physical replication, the Key Investor Information Document (KIID) explicitly states that the Fund may invest in financial derivative instruments (FDIs), namely, total return 'unfunded' OTC swaps and exchange-traded equity futures for investment purposes. Although it also mentions using derivatives for efficient portfolio management, the primary use for investment purposes, coupled with a high concentration risk in a specific sector (defence technology companies), indicates a level of complexity that would likely trigger the 'complex' classification under MiFID II, particularly due to the use of OTC swaps which inherently carry counterparty risk and the potential for opacity for retail investors. The KIID also highlights 'Derivatives Risk', specifically mentioning counterparty risk. The concentration risk also implies that understanding the specific risks associated with a narrow sector is crucial, making it potentially difficult for a retail investor with basic knowledge to fully grasp the investment's risks."
    }
}