{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Total Return Swaps for investment purposes",
            "Contracts for Difference for investment purposes",
            "Counterparty risk arising from derivatives and securities lending",
            "Potential for leverage introduced by derivative use",
            "Significant securities lending activity (up to 25-30% of assets)"
        ],
        "classification": "complex",
        "supporting_data": "The HSBC MSCI INDONESIA UCITS ETF is classified as complex, overriding the general presumption of non-complexity for UCITS ETFs. This is primarily due to its stated investment policy which allows for the use of derivatives, specifically 'total return swaps and contracts for difference' for 'investment purposes' (not solely efficient portfolio management) up to 10% of its assets (expected not to exceed 5%). The provided MiFID II rules explicitly state that an ETF is 'complex if derivatives are integral to achieving its investment objective, such as using swaps or futures to replicate the index's performance.' Moreover, a strict instruction from the prompt states: 'If any element of ... any Swap usage is identified then the 'classification' must be 'complex'.' The fund's ability to 'gain exposure by using other investments such as derivatives' if direct investment is not possible, indicates a synthetic component in its replication strategy, which introduces opacity and risks. The Key Investor Information Document (KID) also identifies 'Counterparty Risk' and 'Investment Leverage Risk' (linked to derivatives use) as material risks. Furthermore, the fund's engagement in securities lending, allowing up to 25-30% of its assets to be lent out, further increases counterparty risk. These features, particularly the use of swaps and contracts for difference for investment purposes, introduce structural complexity and risks that are generally considered difficult for a retail investor with basic knowledge to fully understand."
    }
}