{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Swaps",
            "Derivatives"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to replicate the performance of the Mirae Asset European Infrastructure Development Index. While it primarily invests in equity securities, the KIID explicitly states that the Fund may invest in financial derivative instruments (FDIs), specifically total return 'unfunded' OTC swaps and exchange-traded equity futures, for investment purposes. The presence of OTC swaps introduces counterparty risk and complexity that is generally not easily understood by retail investors. Although the KIID states these are for 'investment purposes', the ESMA guidance (and general MiFID II interpretation) classifies the use of derivatives integral to achieving an investment objective, or those that introduce counterparty risk, as complex. Even though it mentions physical replication as the primary method, the inclusion of derivative instruments for investment purposes, particularly swaps, automatically triggers a complex classification according to MiFID II principles, as highlighted by the detailed analysis of derivative usage and the inherent counterparty and collateral risks associated with them."
    }
}