{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Securities Lending",
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS ETF, which establishes a baseline presumption of non-complexity. This is strongly supported by its physical replication method, as stated in the KIID: 'the fund will attempt to replicate the index... by buying all or a substantial number of the securities in the index'. This structure is transparent and easy for a retail investor to understand. While the fund may use derivatives, the KIID specifies their use is for efficient portfolio management ('to manage risk, reduce costs and improve results'), not as an integral part of the investment strategy, which aligns with the criteria for a non-complex asset. The fund's index, MSCI Taiwan 20/35 Custom Index, is based on listed equities with transparent capping rules, not on complex instruments. The fund also engages in securities lending, which introduces counterparty risk, but this is a secondary feature managed under UCITS regulations and does not in itself render the ETF complex. The high risk rating of 6/7 reflects market volatility, not structural complexity. Overall, the ETF's structure and risks are straightforward and do not contain features that would override the UCITS non-complex presumption.",
        "assessment": "Non-Complex"
    }
}