{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The assessment is based on the Key Investor Information Document (KIID) and MiFID II rules. The ETF is classified as non-complex for the following reasons:1.  **UCITS Compliance:** The fund is a UCITS ETF (ISIN starts with 'IE', and it is explicitly stated), which establishes a presumption of being non-complex under MiFID II.2.  **Replication Method:** The fund uses physical replication ('physical acquisition of securities' via a 'representative sample') to track its index. This method is transparent and straightforward for investors to understand, strongly supporting a non-complex classification.3.  **Derivative Use:** While the KIID states the fund 'may use derivatives', their stated purpose is 'to reduce risk or cost and/or generate extra income or growth'. This falls under Efficient Portfolio Management (EPM) and is not central to achieving the investment objective. As per the rules, such limited use does not automatically trigger a complex classification.4.  **Absence of Complex Features:** The fund does not use leverage, swaps for replication, or inverse strategies. The underlying index, 'FTSE Global All Cap Choice Index', is a screened version of a standard market-capitalisation weighted index and is not structurally complex.5.  **Ease of Understanding:** The structure (holding stocks) and primary risks (market risk, currency risk, tracking error) are easily understood by a retail investor. The counterparty risk associated with potential EPM derivative use is a minor component of the overall risk profile, which is dominated by market risk.In summary, the fund's adherence to UCITS regulations, use of a physical replication strategy, and lack of integral complex features firmly place it in the non-complex category under MiFID II.",
        "final_assessment": "Non-Complex"
    }
}