{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Derivatives for EPM",
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS compliant ETF, which establishes a presumption of non-complexity. The fund uses physical replication to track its index by holding the underlying shares, making its structure transparent and easy for a retail investor to understand. It does not use leverage, swaps, or an inverse strategy. Furthermore, the fund does not engage in securities lending. While the KIID states the fund may use derivatives for Efficient Portfolio Management (EPM), such as hedging or managing costs, this use is not central to achieving the investment objective and does not override the otherwise simple structure of the fund. The primary risks are market-related (equity volatility), as indicated by the risk rating of 6, rather than being derived from complex structures. The underlying index is a standard, rules-based equity index with an ESG overlay and does not exhibit features of complexity. Therefore, the fund's characteristics align with the definition of a non-complex instrument."
    }
}