{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Low Volatility Index",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and seeks to track a low volatility index using physical replication. Derivatives are only used for efficient portfolio management. The KID risk scale is at level 6/7 reflecting market volatility. The index itself is a measure of large US companies which have exhibited low volatility characteristics",
        "complex": false,
        "non-complex": true,
        "explanation": "This UCITS ETF is considered non-complex because it uses physical replication to track a transparent index, derivatives are used solely for efficient portfolio management (EPM), and its structure and risks are easily understood by retail investors with basic knowledge. No significant leverage, embedded derivatives, or opaque features are present."
    }
}