{
    "success": true,
    "response": "```json{  'leverage': false,  'derivatives': true,  'swaps': true,  'inverse': false,  'replication_method': 'synthetic',  'ucits': true,  'type': 'ETF',  'complex_factors': [    'Synthetic replication',    'Total Return Swaps',    'Integral use of derivatives for investment objective',    'Counterparty risk'  ],  'classification': 'complex',  'supporting_data': 'The asset is identified as a UCITS ETF, which initially carries a presumption of being non-complex. However, this presumption is overturned due to several critical features outlined in the MiFID II Complexity Assessment Rules. The ETF explicitly states it uses an 'Indirect Replication methodology' and invests into a 'total return swap' to achieve its investment objective. The document also clearly states that 'Derivatives are integral to the Sub-Fund's investment strategies'. This directly contradicts the criteria for non-complex classification, which requires derivatives to be limited to efficient portfolio management (EPM) with minimal impact. The use of total return swaps for replication is a core component of a synthetic ETF, introducing risks such as counterparty risk, which the KID explicitly lists as an 'Important risk materially relevant to the Sub-Fund which are not adequately captured by the indicator'. Understanding such risks (counterparty risk, collateral management) is considered beyond the basic financial literacy of a typical retail investor. As per the specific instruction, 'If any element of Contingent Bonds or any Swap usage is identified then the 'classification' must be 'complex'', the presence of a total return swap definitively leads to a 'complex' classification, overriding the UCITS presumption.'}```",
    "note": "Response was not in expected JSON format"
}