{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Derivative use for portfolio adjustments and exposure to smaller companies with higher volatility and risks associated with the pharmaceutical industry.",
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant but invests in biotechnology companies which are smaller companies with volatile price changes. It primarily uses physical replication but may use financial derivative instruments (FDIs). The KID has a risk rating of 6 out of 7, but this reflects market volatility rather than structural complexity. Derivatives are not central to the investment strategy but their potential use even for adjustments introduces complexity. Additionally, the ETF is targeting a specialized sector (pharmaceuticals), requiring specific knowledge and potentially making it difficult for retail investors with basic knowledge to understand the investment fully. Therefore, due to potential derivatives usage for portfolio management and the specialization in biotechnology, the ETF is classified as complex to protect the retail investor.",
        "reason": "Although the ETF is UCITS compliant and primarily uses physical replication, the possibility of using derivatives, combined with the focus on a specific and potentially volatile sector (pharmaceuticals and biotechnology) which requires specialized knowledge, leads to a 'complex' classification. This aligns with MiFID II's aim to protect retail investors from instruments they may not fully understand, especially concerning risk."
    }
}