{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF may use derivatives (futures, options, swaps) for various purposes, including replication. The Fund invests in smaller company equity securities which are more volatile making the index tracking harder to understand. The Investment policy of tracking the Morningstar US Small-Mid Cap Moat Focus Index and the associated derivative usage places this in the complex asset category. The KID includes a comprehension alert as the asset has a risk profile of 7/7.",
        "classification": "complex",
        "supporting_data": "The VanEck Morningstar US SMID Moat UCITS ETF is classified as complex due to its potential use of derivatives, including swaps and futures, as well as the volatility of the underlying assets. While the fund aims to track the Morningstar US Small-Mid Cap Moat Focus Index using a replication strategy (which may include derivatives), the mere use of derivatives to achieve its objectives or to manage its inflows/outflows makes the structure and associated risks harder for retail investors with basic knowledge to understand. Furthermore, the KID states a high risk rating (7/7) and comprehension alert which further supports the classification as complex.The fund utilizes derivatives (futures, options, and swaps), the complexity of the index and its underlying assets."
    }
}