{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "ESG exclusions may limit the investment universe"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and uses physical replication to track the MSCI World Health Care Sector ESG Reduced Carbon Select 20 35 Capped Index. The ETF may use derivatives for efficient portfolio management (EPM), not for achieving its investment objective, and engages in securities lending. The KID risk rating is 6/7, which reflects market volatility rather than structural complexity. The ESG exclusions may reduce the potential investment universe, but this doesn't inherently make the ETF complex under MiFID II. It is not leveraged and offers no capital protection. While ESG considerations can add a layer of analysis, the structure itself is considered transparent.",
        "explanation": "The ETF is UCITS compliant and primarily uses physical replication, indicating a non-complex structure. Derivatives are used for EPM only, not for achieving its investment objective. Although securities lending introduces counterparty risk, it is managed within UCITS rules. The ESG exclusionary criteria may limit the investment universe but doesn't make the fund complex from a MiFID II perspective. The ETF tracks a transparent index of stocks. Thus, the ETF is classified as non-complex."
    }
}