{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": 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 assessment begins with the baseline presumption that as a UCITS ETF, it is non-complex. This presumption is upheld as there are no features to suggest otherwise. The Key Investor Information Document (KIID) clearly states the fund uses physical replication: 'The Investment Manager will seek to do this by trying to replicate the Index by holding in similar proportions the equity securities in the Index.' This method is transparent and straightforward for a retail investor to understand. There is no mention of the use of derivatives, swaps, or leverage as part of the core investment strategy. The fund's structure and objectiveu2014to track the Indxx 5G & NextG Thematic Indexu2014are clear. While the fund has a high-risk rating of 6 out of 7, this reflects the market volatility of the underlying thematic equities (emerging technologies) and not structural complexity. As per the provided rules, high market risk alone does not render an ETF complex. The product's structure and risks are easily understandable, and it does not contain any complex features, thus meeting the criteria for a non-complex classification."
    }
}