{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Index"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS ETF, which establishes a presumption of non-complexity. The primary determinant is its replication method, which is explicitly stated as physical replication ('Fund will seek to hold all of the shares of the Index'). This method is transparent and easily understood by retail investors. The KIID states that derivatives 'may be used' to 'reduce investor risks', which qualifies as Efficient Portfolio Management (EPM) rather than being integral to the investment strategy, thus not triggering a complex classification. The fund does not engage in securities lending, and there is no indication of leverage or swap usage. While the underlying index, 'MSCI Japan Universal Low Carbon Select 5% Issuer Capped Index', has a 'smart beta' methodology involving ESG and low-carbon screening, this represents complexity in the selection criteria, not in the financial structure of the instrument itself. The index is rules-based and provided by a transparent, major provider (MSCI), and the ETF's structure does not create opacity or risks like counterparty default that are central to synthetically replicated products. Therefore, the presumption of non-complexity is upheld."
    }
}