{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Composite Index"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It is a UCITS ETF, which carries a presumption of non-complexity. This presumption is upheld as the fund employs a physical replication strategy through 'direct investments in shares and bonds' using a 'sampling process,' which is transparent and straightforward for a retail investor to understand. The Key Investor Information Document (KIID) makes no mention of derivatives, swaps, or leverage being used as part of the core investment strategy. The risks disclosedu2014Credit Risk, Interest Rate Risk, and Equity Market Risku2014are standard for a fund directly holding bonds and equities and do not indicate structural complexity. While the ETF tracks a composite index (a multi-asset strategy), this relates to its diversified investment policy rather than a complex product structure. The underlying indices appear to be standard equity and bond indices, and there is no indication of complex features such as embedded derivatives, algorithm-based payoffs (as in structured UCITS), or holdings like Contingent Convertible Bonds. Therefore, the product's structure and risk profile are considered easy to understand for the average retail investor, meeting the criteria for a non-complex classification."
    }
}