{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of 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 ETF, which establishes a presumption of non-complexity. This presumption is upheld as the fund employs a physical replication strategy, stating it 'seeks to replicate the benchmark by holding all of the Index securities'. This method is transparent and easily understood by retail investors. Although the fund may use derivatives, their use is explicitly limited to 'hedging and efficient portfolio management' (EPM), not to achieve the investment objective itself. This limited use for risk reduction does not render the product complex. The underlying index, LibertyQ Global Dividend Index, is based on selecting equities from the MSCI ACWI ex REITS Index, a transparent and understandable process. There is no mention of swaps, leverage, or other structurally complex features. The risk rating of 5/7 reflects market volatility associated with global equities, not structural complexity. Therefore, the ETF's structure, risks, and payoff are considered straightforward for an average retail investor."
    }
}