{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks an index with an ESG methodology and a hedging strategy to reduce the impact of currency fluctuations. This could potentially introduce complexity due to the hedging strategy.",
        "classification": "non-complex",
        "supporting_data": "The provided Key Investor Information Document (KIID) outlines a UCITS ETF that passively tracks the MSCI ACWI Universal Low Carbon Select 5% Issuer Capped with Developed Markets 100% Hedged to CHF Index. The fund's investment policy focuses on physical replication using a sampling strategy, which involves investing in a representative sample of constituent stocks of the Index and does not embed derivatives. The index promotes ESG characteristics, and the fund uses a hedging strategy to reduce currency fluctuation impacts. The KIID's risk profile indicates a high-risk category, which reflects market volatility rather than structural complexity. Considering the rules provided, this ETF is assessed as non-complex, since it employs physical replication, does not use derivatives as a core component, and its risks, while elevated, are primarily tied to market movements, not complex mechanisms like counterparty risk in synthetic replication. However, the hedging strategy does introduce a level of operational complexity."
    }
}