{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Complex Index Methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to achieve its objective by investing in equity securities that make up the STOXX Global Smart City Infrastructure Index. The index methodology involves revenue filters and market capitalization criteria, which contributes to a moderate level of complexity in understanding the index composition. However, the replication method is physical (investing in underlying securities), which is generally considered non-complex. There is no mention of derivatives being used for replication or efficient portfolio management. The description also does not indicate any leverage or embedded complex products. The risk and reward profile, while rated 6 out of 7, is attributed to market volatility and sector concentration, not structural complexity. The ETF is a UCITS, which inherently has a presumption of being non-complex, provided it doesn't incorporate features that make it otherwise. Based on the provided information, the ETF's structure, investment strategy, and lack of complex instruments or derivative usage lead to a non-complex classification under MiFID II. The complexity of the index itself does not automatically render the ETF complex, as the underlying holdings are standard equity securities."
    }
}