{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG criteria impact on index composition",
            "Value factor approach"
        ],
        "supporting_data": "The Xtrackers MSCI World Value ESG UCITS ETF aims to reflect the performance of the MSCI World Value Low Carbon SRI Screened Select Index. The index is based on the MSCI World Index but applies ESG criteria, excluding companies that breach certain standards. It also incorporates a 'value' factor scoring approach and selection/weighting constraints related to climate and ESG objectives, as well as diversification and factor objectives. The fund aims to replicate the index by buying all or a substantial number of the securities in the index, indicating physical replication. The KIID states the fund may employ techniques and instruments for risk management, cost reduction, and improvement of results, which may include derivatives. However, it does not indicate that derivatives are integral to achieving the investment objective. The risk profile is categorized as 6 out of 7, indicating potentially high losses and gains, but this is attributed to market volatility and not structural complexity. The index methodology, while incorporating ESG and value factors, is publicly disclosed by MSCI, and the replication method is physical, which generally supports a non-complex classification. The use of derivatives is mentioned as a possibility for risk management rather than as a core strategy. No embedded derivatives or leverage are explicitly mentioned. The 'value' factor and ESG screening add layers to the index selection that a retail investor might need to understand, but the underlying strategy is to track an index, and the replication is physical. The ESMA guidelines and MiFID II framework generally classify UCITS ETFs that use physical replication and track transparent indices as non-complex, provided derivatives are not core to the strategy and do not introduce undue complexity. The ESG and value factor criteria, while influencing index composition, do not inherently make the ETF complex in its structure or payoff mechanism, as the index methodology is intended to be transparent. The key aspect is whether these factors make the index's performance or risks difficult for a retail investor to understand. Given the standard nature of index tracking and physical replication, it leans towards non-complex, although the specific ESG and value criteria add a layer of understanding required.",
        "classification": "non-complex"
    }
}