{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Leverage",
            "Derivatives for investment purposes"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as complex. Although it is a UCITS ETF, which carries a presumption of non-complexity, and its primary replication method is physical optimisation, this presumption is overturned by several key factors. The KIID explicitly states the fund may use derivatives not only for efficient portfolio management but also for 'investment purposes'. Crucially, it specifies the ability to invest up to 10% of its assets in total return swaps and contracts for difference (CFDs) to gain exposure to the index. The use of swaps is a definitive trigger for a complex classification under the provided rules. This introduces risks that are difficult for a typical retail investor to understand, such as 'Counterparty Risk' and 'Investment Leverage Risk', both of which are explicitly highlighted as material risks in the KIID. The presence of leverage risk through derivatives further solidifies the complex classification. Therefore, despite its UCITS status and primarily physical replication, the fund's structure and potential risks associated with its authorised use of complex derivatives mandate a 'complex' rating."
    }
}