{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF aims to reflect the performance of the Solactive ISS ESG Total Return Net Nordic Investable Universe Net Zero Pathway Index. It is passively managed and replicates the index by buying all or a substantial number of its underlying securities. The KIID explicitly states that the fund is classified in category 6 for risk, indicating potentially high losses and gains, but this is due to market volatility and not structural complexity. The document mentions that the fund may employ financial contracts (derivatives) to manage risk, reduce costs, and improve results, but this is a general statement about potential techniques, not a primary strategy. Given the primary replication method is physical and the index is described as aiming for alignment with EU Paris-aligned Benchmark standards and net zero frameworks, which are understandable objectives, the ETF is considered non-complex. The document does not indicate any use of embedded derivatives, leverage, or other features that would typically trigger a complex classification under MiFID II, such as synthetic replication or exposure to complex underlying assets like contingent convertible bonds. The risk profile (category 6) reflects market risk inherent in equity investments, not structural complexity. According to MiFID II rules, UCITS are generally presumed non-complex unless specific features make them so. This ETF's physical replication, clear objective, and lack of explicit complex derivative use support its non-complex classification."
    }
}