{
    "success": true,
    "data": {
        "complex": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is explicitly stated as a 'UCITS ETF', which, according to MiFID II Article 254, Delegated Regulation EU 2017/565 Article 57, and ESMA guidelines (CESR/09-295, Section 3, Paragraphs 66, 69, and 80), is generally presumed non-complex. The Key Investor Information Document (KID) states that 'Exposure to these indices is obtained through direct investments in shares and bonds' and uses a 'sampling process' to track the indices. This indicates a physical replication method, which is considered non-complex. There is no mention of the use of derivatives as integral to its investment objective or for synthetic replication, nor are any embedded derivatives, such as convertible bonds or structured products, identified in the fund's holdings or strategy. The document does not refer to any significant leverage beyond standard UCITS limits (which is not present in this fund's description of activities related to investment). The underlying indices are transparent equity and bond indices. Risks mentioned (Credit Risk, Interest Rate Risk, Equity Market Risk) are inherent market risks of the underlying assets, not risks arising from complex structural features. The risk indicator (SRRI 4/7) reflects market volatility, not structural complexity. Based on the provided rules, particularly the strong presumption for UCITS and the absence of any features that would overturn this presumption (such as synthetic replication, integral derivative use, embedded derivatives, or opaque structures), the ETF is classified as non-complex."
    }
}