{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": 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 assessment classifies this ETF as 'complex'. While it is a UCITS ETF that primarily uses physical replication to track the standard MSCI Japan Index, which are features of a non-complex product, several factors overturn this initial presumption. The Key Investor Information Document (KIID) explicitly states the Fund may use complex derivatives that are central to achieving its objectives in certain scenarios. Specifically, the Fund may invest up to 10% of its assets in total return swaps and contracts for difference (CFDs). The use of swaps automatically introduces significant complexity, including counterparty risk and collateral management, which are difficult for a typical retail investor to understand. Furthermore, the KIID notes that derivatives may be used for 'investment purposes', not just for efficient portfolio management, and warns of 'Investment Leverage Risk' arising from derivative use. This confirms that the ETF's structure can be leveraged and its risk profile can be altered in ways not immediately obvious from its name or primary objective. According to MiFID II and ESMA guidelines, the inclusion of swaps and the potential for leverage through derivatives are definitive indicators of a complex instrument, mandating a 'complex' classification."
    }
}