{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "ESG Investing, Active Management, Investment in VIE structures.",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, indicating a regulated structure. It aims to outperform an index through active management rather than replicating it, introducing a layer of complexity. It invests in Asia Pacific equities with ESG considerations. It will not seek to track the performance of or replicate the Benchmark. Derivatives are only used for efficient portfolio management (EPM), so derivative usage is limited. It invests in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies, subject to a maximum of 40% of Net Asset Value. It does invest at least 20% of assets excluding cash, cash equivalents, money market funds and derivatives for efficient portfolio management, in Sustainable Investments.",
        "complex": false,
        "non-complex": true,
        "explanation": "This UCITS ETF primarily uses physical replication and limits derivative use to EPM. While it employs active management and ESG screening, these factors do not inherently make the ETF complex under MiFID II. VIE Structures do add complexity, and should be noted.The ESG policy, active management and the VIE structure investment contribute to making the ETF require increased comprehension by the end user but the overall UCITS structure and use of physical replication keep it in the Non-Complex classification."
    }
}