{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of derivatives for investment purposes",
            "Holds complex securities (non-investment grade and defaulted debt)",
            "Counterparty risk"
        ],
        "classification": "complex",
        "supporting_data": "The fund is classified as complex despite being a UCITS ETF with a low SRRI of 1/7. The primary reason is its investment policy, which allows the use of derivatives not just for hedging and EPM, but also for 'investment purposes'. According to MiFID II rules, using derivatives as an integral part of the investment strategy introduces risks, such as counterparty risk (which is explicitly mentioned as a material risk in the KIID), that are difficult for retail investors to understand. Furthermore, the fund can invest up to 20% of its assets in non-investment grade and 'securities in default'. Assessing the risks associated with defaulted securities requires specialized knowledge, making the fund's overall risk profile structurally complex and not easily understandable for the average retail investor. These factors override the presumption of non-complexity for UCITS funds."
    }
}