{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for direct investment and hedging",
            "Securities Lending"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as complex. Although it is a UCITS ETF using physical replication, which are typically non-complex features, the Key Investor Information Document (KIID) introduces significant complexities. The document states that Financial Derivative Instruments (FDIs) 'may be used for direct investment purposes' and are also used for currency hedging. The potential use of derivatives for 'direct investment' goes beyond simple efficient portfolio management and is a primary reason for the complex classification, as it makes the risk-return profile harder for a retail investor to understand. Furthermore, the KIID explicitly identifies 'Counterparty Risk' as a particular risk, stating that the insolvency of counterparties to derivatives can expose the fund to financial loss. The use of securities lending, also mentioned, introduces an additional layer of counterparty risk. The combination of these featuresu2014derivatives for direct investment, currency hedging, and securities lending, along with the associated counterparty risku2014overturns the initial non-complex presumption for a UCITS ETF and warrants a 'complex' classification under MiFID II.",
        "final_assessment": "Complex"
    }
}