{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "None apparent, uses optimised physical replication, and derivatives are mentioned only in context of financial derivative instruments ('FDIs') which is potentially misleading, but no clear evidence suggests they are actually used in a way that defines this ETF. Index also excludes a high carbon intensity score as this relates to environmental and social characteristics which aren't usually complex factors themselves",
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF aims to track the Solactive Gerd Kommer Multifactor Equity Index NTR using an optimised portfolio of equity securities. It uses physical replication as far as possible and practicable and doesn't indicate significant derivative usage, derivatives may be used as financial derivative instruments ('FDIs'), for risk management but not for inherent leverage or complex investment strategies. The index methodology excludes controversial weapons and thermal coal extraction companies, alongside those with high carbon intensity scores. As it appears to operate with a transparent index and employs physical replication, the ETF is likely non-complex unless the FDIs are used in a way that adds an element of high complexity and leverage."
    }
}