{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Variable Interest Entities (VIEs)"
        ],
        "classification": "complex",
        "supporting_data": "The asset is a UCITS ETF that uses physical replication by holding the underlying equity securities of the Nasdaqu00ae Clean Edgeu00ae Green Energy Index. Normally, a physically replicated UCITS ETF is presumed to be non-complex. However, this presumption is overturned due to a specific structural complexity disclosed in the KIID. The fund invests in Chinese companies through Variable Interest Entities (VIEs). The KIID explicitly states that 'VIEs are not formally recognized under Chinese law' and that 'Intervention by the Chinese government with respect to VIEs could cause the market value of the Fundu2019s associated holdings to suffer significant, and possibly permanent, effects'. This introduces a complex, opaque legal and structural risk that is difficult for an average retail investor to understand, as per MiFID II's 'ease of understanding' criterion. While the ETF does not use derivatives or leverage, the complexity and opaqueness of the VIE holding structure is a decisive factor leading to a 'complex' classification."
    }
}