{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging",
            "MSCI World SRI Low Carbon Select 5% Issuer Capped 100% hedged to GBP Index"
        ],
        "classification": "complex",
        "supporting_data": "This UCITS ETF is passively managed and seeks to track the MSCI World SRI Low Carbon Select 5% Issuer Capped 100% hedged to GBP Index (Net Return). While UCITS ETFs are generally presumed non-complex, this ETF employs currency hedging, which introduces a layer of complexity. Currency hedged share classes may also be available in the Fund. This sub-fund promotes environmental and/or social characteristics but does not have a sustainable investment objective. The Fund will not enter into any securities lending. The impact of currency fluctuations between any foreign currency to the Index currency is reduced by selling foreign currency forwards at one month forward rate in line with the currency version of the Index. Hedging reduces the effect of the fluctuations in the exchange rate between the currencies of the equity securities (i.e. shares) that make up the Index and GBP, the currency of the Share Class.The replication method is physical, as the fund seeks to hold all shares of the Index. Derivatives are used for reducing risk through currency hedging, but this can be flagged as complex. The index it tracks, the MSCI World SRI Low Carbon Select 5% Issuer Capped 100% hedged to GBP Index, while containing ESG factors, is well-documented. The currency hedging is a significant factor that drives the classification as complex, even though the underlying index is transparent and the replication method is physical. The KIID risk rating of 5/7 reflects market volatility, not structural complexity, and the absence of securities lending does not make the ETF complex.",
        "complex": true
    }
}