{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "Based on the provided Key Investor Information (KID) for the UBS (Lux) Fund Solutions - MSCI Japan UCITS ETF, the asset is classified as non-complex. The fund passively tracks the MSCI Japan Index using direct investments in the component securities and/or derivatives for efficiency. However, the KID states that it may use derivatives for EPM (efficient portfolio management), which would generally be considered as non-complex. The replication method is direct, meaning physical, which also supports the non-complex classification. The KID explicitly states that the fund is in risk category 6 (high volatility), but this reflects market risk, not structural complexity. Securities lending is mentioned, which introduces counterparty risk, but it does not automatically make the ETF complex if managed properly within UCITS rules. There is no mention of significant leverage, embedded derivatives, or opaque features that would trigger a complex classification. According to ESMA, any derivative use could be considered complex, however since the KID says this is limited to EPM, and therefore has minimal impact on the risk-return profile,  the ETF is categorized as non-complex."
    }
}