{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. The primary reasons are: 1. **UCITS Presumption**: As a UCITS-compliant ETF, it is presumed to be non-complex unless specific features suggest otherwise. 2. **Replication Method**: The fund uses physical replication ('by buying all or a substantial number of the securities in the index'), which is a transparent and straightforward method that directly links the ETF's performance to its underlying assets. This strongly supports a non-complex classification. 3. **Derivative Use**: The KIID states derivatives may be used for efficient portfolio management ('to manage risk, reduce costs and improve results'). This use is not integral to achieving the investment objective but is for efficiency purposes. According to the provided rules, this does not automatically trigger a complex classification. There is no use of swaps or other derivatives central to the investment strategy. 4. **Ease of Understanding**: The ETF tracks a transparent equity index (MSCI World Information Technology 20/35 Custom Index) and its structure is based on holding the underlying shares. The associated risks, such as market risk and sector concentration risk (reflected in the 6/7 risk rating), are standard for equity investments and do not stem from a complex structure. 5. **Absence of Complex Features**: The fund does not use leverage, inverse strategies, or contain embedded derivatives. While it may engage in securities lending, this is a secondary activity managed under strict UCITS collateral rules and does not make the product structurally complex. The product meets the criteria to be considered non-complex, as it is readily understandable by an average retail investor.",
        "assessment_result": "Non-Complex"
    }
}