{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG integration which may lead to a reduced investment universe",
            "Potential for currency risk due to trading on exchanges in currencies other than the base currency"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to replicate the MSCI EM IMI ESG Screened Index using physical replication, holding the underlying equity securities. The index methodology involves ESG exclusionary criteria, which, while complex in definition, result in a selection of underlying assets that are not inherently complex from a structural perspective for the investor. The document explicitly states the fund aims to invest in equity securities and uses physical replication. Derivatives are mentioned as a possibility but expected to be limited and not integral to the strategy. No mention of swaps, leverage, embedded derivatives, or capital protection. The risks highlighted (emerging markets, currency, liquidity, counterparty) are standard market risks for an equity ETF and do not stem from complex product structures that would impede a retail investor's understanding. The ESG screening, while adding a layer to the index construction, does not inherently make the ETF's structure or payoff complex for the end investor, especially as the fund holds the underlying securities. The core investment is in equities, which are generally considered non-complex under MiFID II, provided they are admitted to a regulated market, which is implied for an ETF tracking a major index."
    }
}