{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF tracks the Nasdaq-100 Index, which while a widely known index, can be considered complex due to its methodology and underlying components. However this is not a central component of the MiFID II determination.",
        "classification": "non-complex",
        "supporting_data": "The UBS Nasdaq-100 UCITS ETF, based on the provided KID information, is classified as non-complex under MiFID II. The Fund's investment objective is to passively track the Nasdaq-100 Notional (Net Total Return) Index, implying a physical replication strategy. The document states the fund will seek to hold all of the shares of the index in the same proportions. Derivatives are only used in exceptional circumstances for EPM, thus not a central component. The structure and risks (market volatility, tracking error) are described as straightforward for retail investors with basic knowledge. Securities lending and currency hedging are mentioned but do not drive complexity. The risk category is high (6/7), the high risk does not change the classification for MiFID II. Under the ESMA guidelines, because of the passive nature of the fund, it's replication method and because derivative instruments are not central to the strategy, the fund is non-complex. Section 4 of the CESR/09-295 document specifically addresses UCITS funds as non-complex under MiFID II."
    }
}