{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Securities Lending (if not well-managed)",
            "Index Tracking Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, which generally presumes non-complexity. It uses a replication strategy, aiming to hold all securities of the index with approximate weightings, which is a physical replication method, leaning towards non-complexity. The ETF may use financial derivative instruments for efficient portfolio management (EPM), which is permissible under MiFID II for non-complex ETFs. The ETF engages in securities lending, but if managed within UCITS rules (e.g., collateral requirements), it doesn't automatically render the ETF complex. The ETF invests primarily in securities included in the S&P Global Dividend Aristocrats Quality Income Index which tracks high-yielding stocks from developed and emerging markets. Although the index is generally well diversified it does expose the fund to concentration risk which could limit the fund's liquidity. The ETF also faces index tracking risk that could be as a result of market fluctuations, changes in the composition of the index, transaction costs, the costs of making changes to the Fund's portfolio and other Fund expenses.Even with the use of derivatives it is identified as a managing risk and not the source of the return profile. Therefore under MiFID II rules it should be classified as a 'non-complex' asset.",
        "complex": false
    }
}