{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex": false,
        "complex_factors": "The ETF uses physical replication and tracks a minimum volatility index, which is designed for investors with knowledge of financial products. While the index uses a pre-defined model, it does not inherently introduce complex features or derivatives in the replication method.",
        "classification": "non-complex",
        "supporting_data": "Based on the provided KID and ESMA guidelines, this ETF, which is a UCITS fund, is classified as non-complex. The ETF aims to replicate the performance of the MSCI World Minimum Volatility (USD) Index using a physical replication method. The primary risks associated with the fund, as outlined in the KID, are market volatility, tracking error and sector concentration. The ETF may use derivatives for EPM, as allowed, but does not rely on swaps or complex derivatives to achieve its investment objective. The KID states that the fund is designed for investors with knowledge of financial products, but the fund structure does not inherently involve complex mechanisms that would make it difficult for retail investors with basic knowledge to understand, and is thus non-complex."
    }
}