{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Mortgage Backed Securities (MBS) are complex assets according to CESR guidance.",
            "Potential for liquidity risk associated with MBS."
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to track the Bloomberg Barclays US Mortgage Backed Securities Index, which comprises US Dollar-denominated mortgage-backed securities (MBS). According to CESR's guidance (CESR/09-295, Section 2, paragraph 48-50), Asset-Backed Securities (ABS), including MBS, are not considered non-complex financial instruments. This is due to their complex structure, where their value is derived from underlying assets, making them difficult for retail investors to understand. The ETF's objective of achieving a return that reflects the index of these securities, therefore, classifies it as complex under MiFID II regulations, even though it uses physical replication and does not explicitly mention the use of derivatives as part of its core strategy. The presence of MBS as underlying assets is the primary driver for this classification."
    }
}