{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG screening criteria",
            "Small and mid-sized company risk",
            "Sustainability risk",
            "Concentration risk",
            "Small and mid-sized company risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is passively managed and aims to track the performance of the MDAX ESG Screened Index using physical replication (buying all or a substantial number of the securities in the index). The index is based on the MDAXu00ae Index, reflecting medium-capitalisation companies on the Frankfurt Stock Exchange, with an added ESG screening. The document explicitly states that UCITS are presumed non-complex. While it mentions the potential use of derivatives for managing risk, reducing costs, and improving results, it does not indicate that derivatives are integral to the investment objective or that they are used for replication. Securities lending is mentioned as a secondary feature to generate income, with specific revenue sharing arrangements, which is not considered a complexity factor on its own. The risk profile is rated as category 6, indicating potentially high losses and gains due to market volatility, but this is not a structural complexity. The KID highlights risks like small and mid-sized company risk and concentration risk, which are market-related, not structural. The reference to ESG screening criteria and the exclusion of companies based on these criteria is a characteristic of the index, not a complex derivative structure within the ETF. There is no mention of embedded derivatives, leverage beyond UCITS limits, capital protection with complex structures, or opaque index methodologies. The primary replication method is physical, which is generally considered non-complex. The fund's objective and structure are straightforward and understandable for a retail investor with basic knowledge."
    }
}