{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The fund aims to replicate the MSCI USA Sector Neutral Quality Index, and may use financial derivative instruments (u201cFDIsu201c) for direct investment purposes to produce a similar return to its Index.This introduces elements of derivatives use, which can introduce complexity.",
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF that aims to achieve a return on investment through a combination of capital growth and income, reflecting the MSCI USA Sector Neutral Quality Index. The fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it. The investment manager may use financial derivative instruments (u201cFDIsu201c) for direct investment purposes to produce a similar return to its Index. While the use of derivatives exists, the core strategy is physical replication of a standard index. Securities lending is mentioned but is a secondary function. While the KID mentions the Fund uses FDIs, the overall structure and objective is relatively straightforward and is not overly complex for retail investors. There is also no mention of the fund using substantial leverage. The ESMA guidance states that due to the presumption of non-complexity for UCITS, the use of EPM would be considered less important. However, it is the use of FDIs (derivatives) that drives the possible MiFID II complex asset determination, while the core strategy and the target index are straightforward."
    }
}