{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Indices"
        ],
        "classification": "non-complex",
        "supporting_data": "The assessment is 'non-complex' based on the MiFID II framework. The fund is a UCITS ETF, which establishes a presumption of non-complexity. This presumption is upheld as the fund uses physical replication to track its index, meaning it directly invests in the underlying equity securities. The KIID states: 'it will invest in the equity securities of companies in proportion to the weightings comprising the Index.' This method is transparent and straightforward for a retail investor to understand. There is no mention of derivatives, swaps, or leverage being used to achieve the investment objective. While the fund may engage in securities lending, this is a secondary activity for revenue generation, managed within strict UCITS collateral rules, and does not in itself make the ETF complex. The high Risk and Reward Profile of 7/7 reflects the high market volatility and speculative nature of the 'Web 3.0' thematic sector, not structural complexity. The underlying index, while focused on a novel and potentially difficult-to-understand theme, consists of publicly listed equities, and its tracking mechanism within the ETF is not structurally complex."
    }
}