{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Minimum Volatility Index Methodology",
            "Factor Focus Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to achieve its objective by investing in equity securities that make up the MSCI World Minimum Volatility Index. This index selects securities based on estimates of risk profile, expected volatility, and correlation, which introduces a level of complexity in its methodology. The Key Investor Information Document (KIID) also highlights 'Index Methodology Risk' and 'Factor Focus Risk', indicating that the strategy is less diversified than a broad parent index and more exposed to factor-related market movements. However, the ETF uses physical replication, meaning it directly holds the underlying securities, rather than synthetic replication which would involve derivatives and introduce counterparty risk. The document does not mention the use of derivatives for the ETF's investment objective or any other complex features like leverage or embedded derivatives. While the index methodology itself might be considered sophisticated, the ETF's structure is straightforward and does not rely on complex financial instruments that would be difficult for a retail investor to understand. The risks identified are related to market factors inherent in the index strategy, rather than the structure of the ETF itself."
    }
}