{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG criteria",
            "Emerging Markets exposure",
            "Potential for tracking error"
        ],
        "supporting_data": "The ETF tracks the MSCI Emerging Markets ESG Low Carbon SRI Selection Index. While UCITS ETFs are generally presumed non-complex, the index's ESG criteria and the exposure to emerging markets inherently introduce complexities. The KIID mentions that 'transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index,' and anticipates a tracking error of 1%. The fund also explicitly mentions 'DERIVATIVES RISK: The fund may use derivatives for investment purposes and to try to manage its investments more efficiently.' While the primary replication method is not specified as synthetic, the potential use of derivatives, even for EPM, combined with the complex nature of ESG screening and emerging market exposure, leans towards a complex classification for a retail investor without specialist knowledge. The risk and reward profile is classified as category 6, indicating high fluctuations and likelihood of losses and gains, which, while not directly indicative of structural complexity, suggests a product that requires a more informed understanding.",
        "classification": "complex"
    }
}