{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Securities Lending",
            "EPM Derivatives"
        ],
        "classification": "non-complex",
        "supporting_data": "The assessment is based on the MiFID II framework. The fund is classified as non-complex due to several key factors. Firstly, it is a UCITS compliant ETF, which establishes a baseline presumption of non-complexity. Secondly, it employs physical replication ('physical acquisition of securities' and 'sampling process'), which is a transparent and straightforward method for tracking its index. The underlying index, the FTSE Developed Europe Index, is a standard, transparent equity index. While the KIID states the fund 'may use derivatives', it specifies this is for reducing risk or cost (Efficient Portfolio Management - EPM), not as an integral part of its investment strategy. Per the rules, this limited use for EPM does not trigger a complex classification as the derivatives are not central to achieving the investment objective. The fund also engages in securities lending, but this is a secondary feature for income generation and is managed within UCITS rules, so it does not make the fund complex. There is no evidence of leverage, swaps, or other complex structures. The absence of a comprehension alert in the KID further supports the non-complex classification."
    }
}