{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG screening and selection criteria",
            "Complex index methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which provides a baseline presumption of being non-complex. It uses physical replication, buying all or a substantial number of securities in the index. The index is based on the MSCI ACWI IMI Index and is designed to reflect the performance of companies associated with a positive contribution to the UN Sustainable Development Goal 11. While this ESG screening and selection process adds a layer of complexity to the index's methodology, the underlying replication method is physical. The KID states that the fund aims to track the performance before fees and expenses and anticipates a tracking error of 1%. It explicitly mentions that the fund may employ techniques and instruments to manage risk, reduce costs, and improve results, including the use of financial contracts (derivatives), but this is framed as a possibility for efficient portfolio management and risk management, not integral to its primary objective of tracking the index. The information provided does not indicate that derivatives are a core component of the strategy, nor does it highlight specific derivative instruments used in a complex manner. The risk and reward profile is rated 6 out of 7, indicating high market risk, but this is attributed to the potential for strong fluctuations in share price, not structural complexity. The document does not mention any embedded derivatives, leverage beyond temporary borrowing, or other features that would inherently classify it as complex under MiFID II. The ESG criteria, while adding a layer of detail to the index selection, do not in themselves make the ETF's structure or payoff difficult for a retail investor to understand, especially when the replication is physical."
    }
}