{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The AMUNDI STOXX EUROPE DEFENSE UCITS ETF ACC is classified as a UCITS ETF, which benefits from an initial presumption of non-complexity under MiFID II due to its strict regulatory framework. The Key Investor Information Document (KID) states that the sub-fund is passively managed with the objective of tracking the STOXX Europe Total Market Defense Capped Index. This index is described as an equity index comprising companies in the Aerospace and Defense sector. There is no indication in the KID that the ETF uses synthetic replication (e.g., total return swaps) or that derivatives are integral to achieving its investment objective. While 'Counterparty risk' is listed, it is a generic risk disclosure common to many funds and does not, in itself, signify the use of derivatives for the core replication strategy. If derivatives were used for efficient portfolio management (EPM), this would not automatically lead to a complex classification based on the provided rules. The ETF does not employ significant leverage, nor does it track a complex or opaque index that would introduce structural complexities (e.g., no mention of roll costs, contango, or backwardation effects). The index methodology is publicly available. The high risk rating (5/7) reflects market risk from equity investments, not structural complexity. Based on the absence of features that typically trigger a complex classification, such as synthetic replication, embedded derivatives for primary objective, or significant leverage beyond UCITS limits, the ETF is deemed non-complex."
    }
}