{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The assessment is based on the MiFID II framework and the provided Key Investor Information Document (KIID). The fund is a UCITS ETF, which establishes a baseline presumption of being non-complex. The investment policy clearly states that the fund seeks to replicate its index by 'holding in similar proportions the equity securities in the Index,' which is a physical replication method. This method is transparent and generally considered non-complex. The KIID makes no mention of the use of derivatives (like swaps or futures) as part of the core investment strategy, nor does it mention leverage or securities lending. The risks highlighted in the KIID, such as market volatility (reflected in the risk rating of 6/7) and tracking error, are standard risks associated with equity ETFs and do not stem from structural complexity. According to MiFID II rules, high market risk alone does not make an instrument complex. The absence of complex features like derivatives, swaps, or a complex underlying index confirms its non-complex status. Therefore, the ETF does not require a comprehension alert in its KID."
    }
}