{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The Invesco FTSE RAFI UK 100 UCITS ETF is explicitly identified as a UCITS ETF, which benefits from a presumption of non-complexity under MiFID II. Its investment objective is achieved through physical replication, meaning it aims to hold all constituents of the FTSE RAFI UK 100 Index. This replication method is considered transparent and straightforward, supporting a non-complex classification. The KiiD states that the Fund will 'hold all the securities in the Index in their respective weightings', confirming physical replication. While the Fund may engage in securities lending, this is for efficient portfolio management (EPM) to generate income and does not constitute derivatives being integral to its investment objective. Securities lending, as a secondary feature within UCITS rules, does not automatically trigger a complex classification as it does not significantly increase the ETF's structural complexity or make its payoff opaque for a retail investor. There is no indication of significant leverage, embedded derivatives, or the use of swaps for core index replication. The underlying index is a transparent equity index. The mentioned risks (General Investment Risk, Concentration risk, Equity Risk, Securities lending) are standard for this type of fund and do not suggest a complex structure or require advanced knowledge to understand. The risk category (6/7) reflects market risk, not structural complexity. Based on the provided rules, the ETF's features align with those of a non-complex financial instrument."
    }
}