{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Index",
            "ESG Criteria"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to reflect the performance of the MSCI Emerging Markets Select Sustainability Screened CTB Index, which applies environmental, social, and governance (ESG) criteria and climate transition benchmarks. While the use of derivatives for risk management or cost reduction is mentioned, the primary replication method is physical. The index methodology, with its ESG screening and climate-related objectives, introduces a layer of complexity in understanding the exact drivers of performance beyond just market movements. However, the document states the fund is passively managed and uses physical replication by buying securities in the index. The ESG criteria are embedded in the index selection process. While the index's methodology is described as an optimization-based approach using market capitalization as a starting point, it does not inherently imply the use of complex derivatives integral to the ETF's strategy. The KIID does not indicate any use of derivatives that are integral to achieving its investment objective, such as swaps or futures for index replication. The complexity lies more in the index construction and the ESG screening rather than the ETF's structural complexity. The risk profile is category 6, indicating high fluctuations, but this is due to market risk in emerging markets, not structural complexity."
    }
}