{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Indices"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF that uses physical replication and does not utilize derivatives for its investment strategy, it is classified as complex due to the nature of the index it tracks. The fund aims to replicate the NASDAQ AlphaDEXu00ae Eurozone Index. The 'AlphaDEXu00ae' methodology is a quantitative, rules-based (smart beta) strategy that selects and weights stocks based on specific growth and value factors, rather than simple market capitalisation. This introduces a layer of complexity that makes it difficult for a typical retail investor to understand the drivers of the fund's performance and risk profile. The structure of the index itself requires more than basic knowledge to comprehend, which, under MiFID II guidelines, is a key determinant of complexity, overriding the presumption of non-complexity that typically applies to physically replicated UCITS ETFs."
    }
}