{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Contracts for Difference (CFDs)",
            "Derivatives for Investment Purposes",
            "Leverage Risk"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as complex. Although it is a UCITS ETF, which carries a presumption of being non-complex, this presumption is overturned by several key features outlined in the KIID. The fund's investment policy explicitly states it 'may invest up to 10% of its assets in total return swaps and contracts for difference' and may use derivatives for 'investment purposes' to 'gain exposure' to the index, not solely for efficient portfolio management. The use of total return swaps is a definitive trigger for a complex classification under MiFID II rules. This introduces risks that are difficult for an average retail investor to understand, such as counterparty risk, derivatives risk, and investment leverage risk, all of which are highlighted as 'Material risks not fully captured by the Risk and Reward Indicator' in the KIID. The mention of 'Investment Leverage Risk' arising from derivative use further supports the complex classification, as leverage significantly increases the risk profile and complexity beyond simple market volatility. Therefore, despite its primary physical replication strategy and UCITS status, the potential use of complex derivatives for investment strategy purposes mandates a 'complex' classification.",
        "final_assessment": "Complex"
    }
}