{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks a broad Euro-denominated corporate bond index. While the index itself isn't inherently complex, its sensitivity to interest rate fluctuations, credit spreads, and volatility could be harder for a retail investor to grasp. There is also the potential use of derivatives to reduce risk or cost and/or generate extra income or growth.",
        "classification": "non-complex",
        "supporting_data": "The Vanguard EUR Corporate Bond UCITS ETF employs physical replication. The ETF invests in Euro-denominated bonds issued or guaranteed by companies. The KID states derivatives may be used to reduce risk or cost, or generate extra income or growth. The index methodology is not explicitly mentioned as complex. The fund has a risk rating of 4/7. Based on the information provided, the ETF should be classified as non-complex. ESMA might classify the derivative usage as complex. The fund's objective, structure, and risks appear straightforward, the focus of the fund are bonds rather than complex financial instruments. "
    }
}