{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG screening complexity",
            "Dividend focus requiring investor understanding"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which provides a baseline presumption of non-complexity. It aims to reflect the performance of the MSCI USA High Dividend Yield ESG Screened Select Index, using physical replication by buying 'all or a substantial number of the securities in the index'. While the ETF may employ financial contracts (derivatives) for risk management, cost reduction, or efficiency, their use is not described as integral to achieving the investment objective. The index itself involves ESG criteria and an optimisation-based approach, which could be seen as adding a layer of complexity in understanding the index's construction. However, the core investment policy focuses on holding physical securities. The risk profile indicates a classification of '6' due to potential strong fluctuations in share price, implying high likelihood of both losses and gains, but this relates to market risk rather than structural complexity. The document also highlights that the investor needs to understand a 'value-based investment strategy' and that the 'dividend' focus may lead to significant differences from the Parent Index. The ESG screening reliance on third-party data introduces a risk of incorrect assessment, but this pertains to the index methodology rather than the ETF's structural complexity. Given the primary method is physical replication and the directive use of derivatives is not stated as central to the strategy, and the index, while ESG screened, tracks a well-known equity benchmark, it aligns with a non-complex classification under MiFID II principles."
    }
}