{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is a UCITS ETF, which establishes a baseline presumption of being non-complex. The KIID confirms the fund uses physical replication ('holding all of the Index securities in a similar proportion to their weighting in the benchmark'), which is a straightforward and transparent method. While the fund 'may use derivatives for hedging and efficient portfolio management', this use is for risk reduction and cost management, not for achieving the primary investment objective. As per the rules, such limited EPM use with minimal impact on the risk profile does not typically trigger a complex classification. The fund does not use leverage, swaps, or have embedded derivatives. The underlying index, while using quality and dividend screens, is based on transparent and understandable equity factors. The risks disclosed, such as counterparty risk and derivative instrument risk, are standard disclosures for funds with EPM permissions but do not reflect a complex core structure. The product is designed for retail investors with at least basic investment knowledge, and its structure is aligned with that target audience. The absence of a comprehension alert in the KIID further supports the 'non-complex' classification."
    }
}