{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Index composition transparency"
        ],
        "classification": "non-complex",
        "supporting_data": "The Key Investor Information document states that the Share Class aims to achieve a return that reflects the Nikkei 225 Index and that the Fund is passively managed, investing in the equity securities that make up the Index through physical replication. It also mentions that the Fund may engage in short-term secured lending to generate income, which is a common practice for UCITS ETFs and generally does not render them complex.  The document also clarifies that the benchmark is a price-weighted index, which is a standard characteristic of many equity indices and does not inherently introduce complexity. The risk indicator of six is due to the nature of equity investments, not structural complexity. There is no mention of embedded derivatives, leverage beyond UCITS limits, or complex underlying assets that would make it difficult for a retail investor to understand. The CESR guidance (CESR/09-295) clearly states that UCITS are generally considered non-complex. Therefore, based on the provided information and MiFID II guidelines, this ETF is classified as non-complex."
    }
}