{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI Nordic UCITS ETF primarily uses physical replication to track the MSCI Nordic Countries Index. The KID document states that the fund may use derivatives for risk management, cost reduction, and to minimize foreign currency fluctuations at share class level. These derivatives are used for efficient portfolio management (EPM) and are not integral to the investment objective. The fund's structure and risks (market volatility, tracking error) should be easily understood by retail investors with basic knowledge. The replication method is not synthetic, thus eliminating counterparty or collateral risk. The index itself is transparent and well-documented, which further supports the non-complex classification. The KID does not identify any use of leverage. Securities lending is mentioned, it's a secondary feature and does not dominate the risk profile. Based on the provided information, the ETF's structure and risk profile do not suggest a complex classification under MiFID II. According to ESMA guidance, even limited derivative use for EPM does not automatically imply the asset is complex if risk impact is negligible."
    }
}