{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": 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. It is a UCITS-compliant ETF, which carries a presumption of non-complexity. This presumption is upheld as the fund employs a physical replication strategy, aiming to hold the underlying equity securities of the NASDAQ Biotechnology Index. This structure is transparent and straightforward for a retail investor to understand. While the KIID mentions the potential use of financial derivative instruments (FDIs) 'to help achieve the Fundu2019s investment objective,' this is interpreted as being for Efficient Portfolio Management (EPM) rather than as a core part of the investment strategy, which is physical replication. There is no mention of swaps, leverage, or other complex features. The use of securities lending is a secondary activity for cost-offsetting and is managed within UCITS rules, which does not automatically trigger a complex classification. The high risk rating of 6/7 reflects market and sector volatility, not structural complexity. Therefore, the ETF's structure, risks, and payoff are considered easy to understand for a retail investor with basic knowledge."
    }
}