{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the MSCI All Countries World Index (ACWI) using physical replication, investing in the index's underlying equity securities. The KIID explicitly states it is a UCITS ETF, which carries a presumption of being non-complex. The investment policy describes a passive management approach that invests in equity securities making up the index. It mentions 'optimising techniques' and the potential use of financial derivative instruments (FDIs) for direct investment purposes or for gaining exposure to certain securities in emerging markets (ADRs and GDRs). However, the primary method is physical replication. Securities lending is mentioned as a secondary activity to generate income. The risk profile is rated six, indicating market risk and volatility, but not structural complexity. There is no mention of leverage, embedded derivatives, or other features that would typically render a UCITS ETF complex under MiFID II rules. The index itself is a well-established, transparent global equity index. The KIID provides clear information on the investment objective, strategy, risks, and charges, which are generally understandable to a retail investor with basic financial knowledge. The documentation does not indicate any features that would require a comprehension alert under MiFID II."
    }
}