{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "complex_factors": "Socially responsible index, potential derivative use for risk reduction",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and seeks to track the MSCI World SRI Low Carbon Select 5% Issuer Capped Index using physical replication.  The fund may use derivatives for reducing risk and generating income; this usage is not central to achieving its investment objective and derivatives instruments are not embeded with swap instruments and therefore does not automatically classify the ETF as complex as the collateral is not put at risk by swaps. The KIID states that the fund will not enter into securities lending. This further support the assets class as non-complex based on the evidence we have.  The risk and reward profile of the fund places it in category 6, reflecting the high volatility of equity investments rather than structural complexity. The index it tracks is a socially responsible index, which might require some additional understanding but not in itself a complexity factor to make this assett complex.",
        "complex": false,
        "non-complex": true,
        "explanation": "This UCITS ETF employs physical replication and while it may use derivatives, their use is limited to risk reduction, and efficient portfolio management, not as an integral part of the investment strategy. The objective and the structure are relatively easy to understand by retail investors."
    }
}