{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "ESG criteria in the underlying index might introduce complexity for some investors.",
            "The fund's investment policy, particularly its passive management strategy, may not be seen as overly complex.",
            "The fund is explicitly categorized as a 'lower risk' investment but the underlying index's extra-financial criteria introduce potentially complex considerations and possibly non-transparent aspects, depending on the investor's prior exposure to ESG criteria.",
            "The rebalancing of the index quarterly may also impact investor's short term performance and introduce an element of risk which may be complex for some retail investors."
        ],
        "classification": "non-complex",
        "supporting_data": "The fund replicates the MSCI ACWI SRI S-Series PAB 5% Capped Index using a full replication strategy.  This means the fund holds the underlying securities of the index.  The use of derivatives is not integral to the fund's investment objective. While the index includes ESG criteria and adherence to the Paris Aligned Benchmark, the fund's replication method does not present any structural complexity not commonly encountered in physically replicated UCITS ETFs. There is nothing that implies a lack of transparency in the index's methodology or structure or significant leverage, derivatives, or embedded derivatives. The fund's investment approach is based on straightforward index tracking, and the risks involved are reasonably understandable for retail investors with basic knowledge.  The fact that the fund is categorized as lower risk is not an indicator of complexity in MiFID's context.  Furthermore, the key investor information document highlights the fund is passively managed, the index is rebalanced quarterly and the base currency is US Dollars. These are all expected elements of a UCITS ETF which further support a non-complex classification."
    }
}