{
    "success": true,
    "data": {
        "classification": "non-complex",
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Index complexity (if applicable)",
            "Potential for securities lending counterparty risk (low)",
            "Market volatility risk (standard)"
        ],
        "supporting_data": "The asset is a UCITS ETF, which by default benefits from a presumption of being non-complex under MiFID II due to strict regulatory requirements. The provided information does not indicate any use of derivatives for replication or investment strategy. The replication method is assumed to be physical as this is the most common and straightforward approach for standard UCITS ETFs, which aligns with the non-complex classification. There is no mention of leverage, embedded derivatives, or other features that would typically render an ETF complex. Any risk mentioned would likely be standard market risk or tracking error, which do not inherently make an ETF complex under MiFID II. The ESMA guidelines and MiFID II framework generally consider UCITS ETFs with physical replication and no complex derivative use as non-complex, provided their underlying index and structure are easily understandable by a retail investor. Without specific information about a highly complex underlying index or other unusual structural features, the default classification for a standard UCITS ETF is non-complex."
    }
}