{
    "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 a UCITS ETF, which establishes a baseline presumption of being non-complex. The KIID states the fund's investment policy is to 'replicate the Index by holding in similar proportions the equity securities in the Index,' which is a clear declaration of physical replication. There is no mention of the use of derivatives, swaps, or leverage as part of the core investment strategy. The fund tracks an equity index (IPOX-100 U.S. Index). While the fund has a high risk and reward profile (7/7), the KIID clarifies this is due to historical price volatility ('high rises and falls in value in the past'), which reflects market risk rather than structural complexity. According to the provided rules, market risk alone does not make an asset complex. The structure is straightforward and does not involve complex mechanisms like counterparty risk from swaps. Therefore, it meets the criteria for a non-complex asset under MiFID II."
    }
}