{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG Screening",
            "Potential for Tracking Error"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which benefits from a baseline presumption of being non-complex. It aims to track the S&P 500 Scored & Screened Index using physical replication by holding a substantial number of the index's underlying securities. The fund's objective is to reflect the performance of large-capitalisation US companies that meet certain ESG criteria. While the index incorporates ESG screening, this does not inherently make the ETF complex for MiFID II purposes as the underlying methodology is intended to be transparent. The KIID mentions that the fund 'may employ techniques and instruments in order to manage risk, reduce costs and improve results,' including 'financial contracts (derivatives),' but this is stated as a possibility for efficient portfolio management rather than a core strategy. The primary replication method is physical, which is generally considered non-complex. The KIID also notes that 'The anticipated level of tracking error in normal market conditions is 1 per cent,' which is a standard feature of index-tracking funds and does not indicate structural complexity. There is no mention of embedded derivatives, leverage, or other complex features that would typically classify a UCITS ETF as complex. The ESG screening, while a factor in index construction, is applied to underlying companies and does not render the ETF's structure or payoff profile inherently difficult for a retail investor to understand. Therefore, based on the provided information, the ETF is classified as non-complex."
    }
}