{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "derivatives": false,
        "complex_factors": [
            "ESG exclusionary criteria may reduce investment universe"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to achieve its objective by investing in equity securities that make up the S&P Global Water Index. The replication method is physical, meaning it holds the underlying securities. The index methodology is described, and the investment policy outlines exclusionary criteria related to ESG factors. While the ESG screening might limit the investment universe, it does not inherently introduce complexity for the retail investor in understanding the ETF's structure or risks. The ETF may engage in short-term secured lending, which is a common practice for UCITS ETFs to generate income and does not typically lead to complexity. The KIID does not mention the use of derivatives as integral to the strategy, nor does it indicate any form of leverage, capital protection, or complex underlying instruments that would make it difficult for a retail investor to understand. The risk profile of 6 is stated to be due to market movements and industry-specific risks, not structural complexity. Therefore, it aligns with the presumption of being non-complex under MiFID II."
    }
}