{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF aims to replicate the NASDAQ 100 Index. While the index itself is not overly complex, the use of financial derivative instruments (FDIs) for direct investment purposes and short-term securities lending introduces counterparty risk.",
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS fund that tracks the NASDAQ 100 Index. It uses physical replication and may engage in short-term secured lending, which, while introducing some risk, is managed within the UCITS framework. The use of derivatives is stated, but it is specifically for investment purposes. There is clear mention of the use of financial derivative instruments (FDIs). Despite the use of FDIs it is not clear the degree to which these are used in the direct replication of the index, however, since this is a UCITS and the key objective is to replicate an index, it is unlikely the use of FDIs is substantial, so that the underlying risk profile would not be so high as to change the classification. The KID confirms that the instrument is rated as risk level 6/7, indicating market risk, but not structural complexity. The ETF is likely to be considered non-complex due to the UCITS presumption and its investment strategy of replication of the NASDAQ 100, which also has a highly transparent index. Also the underlying asset is easily understood."
    }
}