{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The Vanguard ESG Developed Europe All Cap (EUR) Accumulating UCITS ETF employs physical replication, targeting the FTSE Developed Europe All Cap Choice Index. While the ETF itself appears straightforward, its investment policy includes the potential use of derivatives for risk or cost reduction and/or income generation. These are limited to EPM activities.The index screens companies based on ESG criteria and excludes those with revenue from vice products, non-renewable energy, weapons, or controversies. While the index methodology is publicly available the ETF is exposed to various market risks due to its investment in European stocks, the index composition, and ESG constraints.",
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF employs physical replication, investing directly in the underlying securities of the FTSE Developed Europe All Cap Choice Index, which promotes a straightforward structure that most retail investors can understand. While the KID does allow the use of Derivatives their use is limited to EPM purposes with minimal impact on the risk-return profile. The fund has a risk rating of 6/7 which reflects market volatility rather than structural complexity. Therefore the ETF aligns with the conditions for a non-complex classification under MiFID II, implying that the product's objectives, structure, and associated risks are accessible to investors with basic financial knowledge. Based on the documentation, and noting the use of derivatives is solely for efficient portfolio management, the fund is considered non-complex. There is no mention of any of the other factors that would make this fund a complex asset. Based on the information extracted from the Key Investor Information Document and the ESMA guidlines the fund should be considered non-complex. The index the fund replicates promotes environmental and social characteristics."
    }
}