{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Derivatives for investment purposes",
            "Leverage"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as 'complex' based on its potential use of specific financial instruments that are difficult for a retail investor to understand. Although the fund is a UCITS ETF that primarily uses physical replication, the Key Investor Information Document (KIID) explicitly states it can use derivatives not only for efficient portfolio management but also for 'investment purposes'. Critically, the KIID specifies, 'The Fund may invest up to 10% of its assets in total return swaps and contracts for difference'. The use of swaps is a key determinant of complexity under MiFID II as it introduces risks such as counterparty risk and collateral management, which are not easily understood. The KIID acknowledges these structural risks by listing 'Counterparty Risk' and 'Investment Leverage Risk' (from the use of derivatives) as material risks. The potential use of total return swaps to achieve the investment objective is a structural feature that overrides the general non-complex presumption for UCITS ETFs, mandating a 'complex' classification.",
        "final_assessment": "Complex"
    }
}