{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The assessment is based on a systematic review of the Key Investor Information Document (KIID) against MiFID II complexity rules. The asset is a UCITS ETF, which establishes a baseline presumption of being non-complex. The KIID clearly states that the fund uses a physical replication method ('holding in similar proportions the equity securities in the Index'), which is considered straightforward and transparent. There is no mention of the use of derivatives, swaps, leverage, or any other complex structures to achieve its investment objective. The fund's structure and payoff are directly linked to the performance of the underlying equity securities, making it easy for a retail investor to understand. The high-risk rating of 6/7 reflects the market volatility of the underlying IPOX-100 Europe Index, not structural complexity. As per MiFID II guidelines, high market risk alone does not render a product complex. The absence of a comprehension alert ('You are about to purchase a product that is not simple and may be difficult to understand') in the KIID further confirms the manufacturer's assessment of the product as non-complex."
    }
}