{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The assessment is based on the MiFID II framework. The asset is a UCITS ETF, which establishes a presumption of being non-complex. The investment policy is to passively track the MSCI World SRI FILTERED PAB NR Close Index. The KIID does not mention the use of derivatives such as swaps or futures as a core part of the replication strategy, strongly implying a physical replication method, which is straightforward and transparent for investors to understand. While the KIID mentions 'Counterparty risk', this is a standard disclosure for UCITS funds and, in the absence of a synthetic strategy, likely relates to ancillary activities like securities lending, which does not automatically classify the ETF as complex under the provided rules. The index itself, while applying specific ESG and climate-related filters (SRI/PAB), is based on a transparent, well-known parent index (MSCI World) and does not contain structurally complex features like embedded derivatives or complex payoff calculations. The high risk rating of 6/7 on the KID reflects market risk from equities, not structural complexity. As per ESMA guidelines (e.g., ESMA35-36-1640), a UCITS is considered complex if it is a 'structured UCITS', which this is not. Therefore, based on its UCITS status, physical replication method, and the absence of complex features like leverage or derivatives central to its strategy, the asset is classified as non-complex."
    }
}