{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Factor Focus Risk",
            "Counterparty Risk (potential)",
            "Index Methodology Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the MSCI Europe Sector Neutral Quality Index, which is a physical replication strategy involving holding equity securities. The index methodology is based on three equally weighted indicators of company quality: earnings allocation to shareholders, low debt levels, and low earnings variability. While the KID mentions 'Factor Focus Risk' and 'Counterparty Risk' as potential risks, these are related to the inherent nature of factor investing and general operational risks rather than specific complex derivative structures or opaque underlying assets integral to the ETF's design. The KID also states that 'Index Methodology Risk' is a particular risk. However, the core investment strategy is straightforward: investing in equity securities to mirror an index. The use of 'optimising techniques' which 'may include...the use of financial derivative instruments (FDIs)' is mentioned, but this is qualified by 'may be used for direct investment purposes' and the primary investment is in equity securities. Given the UCITS status and the primary method of physical replication tracking a widely understood equity index, the ETF is presumed non-complex. The additional risks mentioned are not of a nature that would automatically classify it as complex under MiFID II for retail investors without further specific complex underlying structures or derivative usage being central to the strategy. There is no indication of embedded derivatives, leverage, or complex bond structures. The risk rating of 'six' is due to market volatility, not structural complexity."
    }
}