{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Use of derivatives for efficient portfolio management which can be flagged as complex by regulators like ESMA",
            "Index complexity: MSCI EMU Prime Value Advanced Target Select Index"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and uses physical replication. It tracks the MSCI EMU Prime Value Advanced Target Select Index, which while being a transparent index, could still pose complexity for some retail investors to fully understand the investment strategy. Derivatives are used, including OTC derivatives, which introduce counterparty risk, even if mitigated by a collateral policy. The fund is passively managed with the goal of closely tracking its target index, however the use of derivatives for efficient portfolio management, while limited, can be a point of complexity leading to a Complex determination for MIFID II regulations.",
        "complex": true,
        "non_complex": false
    }
}