{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Derivatives for investment purposes",
            "Active Management",
            "Potential investment in leveraged schemes"
        ],
        "classification": "complex",
        "supporting_data": "The asset is a UCITS ETF, which establishes a baseline presumption of being non-complex. However, this presumption is definitively overturned by several factors outlined in the Key Investor Information Document (KIID). The fund's investment policy explicitly states it will use financial derivative instruments, including 'interest rate swaps and interest rate futures for investment purposes'. The use of derivatives, particularly swaps, for investment objectives rather than solely for efficient portfolio management (EPM) is a primary trigger for a 'complex' classification under MiFID II. The rules provided state that if swaps are used, the classification must be 'complex'. Furthermore, the KIID notes that the fund 'may invest in schemes which are substantially leveraged', introducing a layer of structural complexity and risk that is difficult for a typical retail investor to understand. The fund is also actively managed and may take 'active long and short currency positions', which adds another level of strategic complexity beyond simple index tracking. While the fund holds physical bonds, the active derivative overlay and potential exposure to leveraged schemes make its structure, risks, and payoff difficult to understand, thus classifying it as complex.",
        "final_assessment": "Complex"
    }
}