{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Thematic index selected via a proprietary algorithm, which could be viewed as a less transparent methodology than a standard market-cap index."
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS ETF, which carries a presumption of non-complexity. The replication method is physical (full and optimized sampling), which is considered transparent and straightforward for a retail investor to understand. The KIID states that derivatives may be used for 'efficient portfolio management purposes only', not as an integral part of the investment strategy to achieve its objective. This limited use does not trigger a complex classification. The fund does not use leverage, swaps, or have an inverse strategy. The only potential nuance is the index methodology, which uses a 'proprietary natural language processing algorithm' for security selection. While this thematic and algorithmic approach is more sophisticated than a standard market-cap index, the underlying assets are global equities, and the ETF structure itself remains simple. This index feature alone is not sufficient to overcome the strong indicators of non-complexity, such as its UCITS status and physical replication method."
    }
}