{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Actively managed investment strategy, not tracking the benchmark directly.",
            "Focus on outperforming benchmark, not replication."
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is classified as a UCITS ETF, which generally are presumed non-complex under MiFID II.  While the fund uses an actively managed strategy to outperform the MSCI Emerging Markets SRI EU PAB Overlay ESG Custom Index, it does not use derivatives to achieve this objective (as indicated by the fund 'may, for efficient portfolio management purposes, use financial derivative instruments').  Furthermore, the replication method is not specifically described as synthetic replication, thus, the presumption of non-complexity generally holds true for this ETF.  The ETF's primary investment is in equities, with the active strategy not reliant on complex derivative structures.  The lack of specified leverage also supports the non-complex classification.  The focus is on emerging markets equities, which, while potentially volatile, are not intrinsically complex on their own."
    }
}