{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "ESG Enhanced index with an optimisation process and exclusion criteria, potentially leading to index complexity",
            "Use of optimisation techniques including the strategic selection of securities and the potential use of financial derivative instruments (FDIs)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the MSCI Japan ESG Enhanced Focus CTB Index, which is described as using an optimisation process to achieve decarbonisation standards, maximise exposure to issuers with higher ESG ratings, and cap tracking error. The ETF itself is passively managed and uses physical replication by investing in equity securities. The document mentions the potential for using financial derivative instruments (FDIs) for direct investment purposes, indicating that the ETF *may* employ derivatives, but the primary replication method appears to be physical, which typically supports a non-complex classification. The document states that the ETF is suitable for medium to long term investment and that your shares will be distributing shares. The fund also uses securities lending to generate income. The document also mentions Counterparty Risk. However, the Key Investor Information Document (KIID) provides only a high-level overview without any details suggesting that derivatives are central to the investment strategy.Given the nature of the fund's investments and use of the optimisation process and the potential use of FDIs, there are some elements of complexity that may drive a MiFID II complexity assessment but the focus on ESG criteria and passive management, and the use of physical replication, support the non-complex classification. The absence of leverage or other complex features also supports this conclusion."
    }
}