{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF tracks the MSCI Europe Financials 20/35 Capped Index. While the index itself might be relatively straightforward for many retail investors, the underlying instruments within the financials sector could include complex financial instruments. The use of derivatives is present in the fund but the KID states that it is 'to help achieve the Fundu2019s investment objective.' This could imply some complexity in the structure.",
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF aims to reflect the performance of the MSCI Europe Financials 20/35 Capped Index. It uses physical replication, holding the underlying equity securities of the index in similar proportions. Although it aims to use Financial Derivative Instruments (FDIs) to achieve its investment objective, the primary investment strategy is based on directly holding the index's components. Also the fund engages in short term secured lending of its assets to generate additional income to offset the cost of the fund, which does not automatically lead to a complex assessment but can raise counterparty risk which does affect it's complexity risk rating. The fund invests in companies which are involved in banking, mortgage finance, consumer finance, investment banking and brokerage, and insurance. The fund is therefore exposed to the risks that are inherent to those sectors and companies. The KID also states the fund is suitable for medium to long term investment, so a standard assessment of risk/reward does not indicate complexity, but this ETF is exposed to the performance of the financial sector. The fund is not considered complex under MiFID II Article 19(6) because of its physical replication and transparent index, despite the underlying sector exposure and use of derivatives for achieving its investment objective."
    }
}