{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "complex": false,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG rating methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to replicate the MSCI Europe SRI Select Reduced Fossil Fuel Index, which involves investing in equity securities that meet specific ESG criteria. The replication method is primarily physical, meaning it holds the underlying shares. The investment policy states that the fund aims to invest in equity securities that make up the Index. While the fund may use Financial Derivative Instruments (FDIs) to help achieve its objective, the primary method is physical replication. The information provided does not indicate the use of derivatives as integral to the strategy or for synthetic replication. The index methodology is based on ESG ratings, which may be considered complex to understand for a retail investor if not explained properly, but the underlying instruments are equity securities. Securities lending is mentioned as a way to generate income, but this is a common practice and doesn't automatically classify an ETF as complex, especially when managed within UCITS rules and with collateral requirements. The fund is UCITS compliant, and the primary investment is in equities tracking a specific index. There is no mention of leverage, embedded derivatives, or other complex structures that would typically lead to a complex classification under MiFID II. The risk profile is rated six, which indicates market risk, not structural complexity. The ESG criteria for index inclusion, while complex in their assessment by the index provider, result in the selection of standard equity securities. Therefore, based on the provided information, the ETF is considered non-complex."
    }
}