{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for investment purposes",
            "Potentially complex index (sector-specific, revenue-based selection)"
        ],
        "classification": "complex",
        "supporting_data": "The ETF tracks the Solactive Video Games & Esports v2 Index. While the primary replication method is physical, the ETF's investment policy states it may invest in 'derivatives that as far as possible and practicable consists of the component securities of the Index'. More importantly, the objective is to generate returns that closely correspond to the performance of the index, and the policy explicitly mentions 'financial derivative instruments (u201cFDIsu201d), namely, total return u201cunfundedu201d OTC swaps and exchange-traded equity futures for investment purposes.' The explicit mention of using OTC swaps and equity futures 'for investment purposes' triggers a 'complex' classification, even if the replication method is primarily physical. The nuanced interpretation of derivative use for investment objectives, as opposed to just efficient portfolio management, is key here. Additionally, the index selection criteria (at least 50% of revenue from specific activities) could be considered to introduce a degree of complexity in understanding the underlying constituents for a retail investor, compared to a broad market index. The KIID also lists 'Derivatives Risk' as a key risk factor, noting that 'Derivatives are subject to counterparty risk... and are highly sensitive to underlying price movements, interest rates and market volatility and therefore come with a greater risk.'"
    }
}