{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "complex": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "ESG optimization"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to replicate the MSCI World Value ESG Reduced Carbon Target Select Index using physical replication, holding the underlying equity securities. The KIID states that the Fund is passively managed and aims to invest in equity securities that make up the Index. It explicitly mentions that the Fund may use financial derivative instruments (FDIs) but that the use is expected to be limited for this share class. The focus on ESG factors and carbon reduction, while adding layers to the index methodology, does not inherently make the ETF's structure or payoff complex for a retail investor to understand, especially when the primary replication is physical. The risks mentioned (market volatility, tracking error, counterparty risk for services like securities lending) are standard for ETFs. The lack of any mention of embedded derivatives, complex structured products, or significant derivative use for replication purposes indicates it adheres to a non-complex structure. The ESG optimization is part of the index construction, not the ETF's transactional complexity. Following the rules and nuances, the physical replication of a transparently defined index, with limited derivative use for EPM, and straightforward risk/payoff profile, classifies this ETF as non-complex."
    }
}