{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "MSCI World Index"
        ],
        "classification": "non-complex",
        "supporting_data": "The fund is a UCITS ETF which, by baseline presumption, is considered non-complex. It aims to track the MSCI World Consumer Discretionary Total Return Net index, which is a broad market index composed of equities. The KIID states that the fund is passively managed and replicates the index by buying a substantial number of the securities in the index. There is no mention of the use of derivatives for replication or investment objectives, which aligns with the presumption of being non-complex. The risk profile is categorized as 6 out of 7, indicating high potential rewards and losses, but this is attributed to market volatility and tracking error, not structural complexity. Securities lending is mentioned but yields 0.00% ongoing charges and doesn't appear to be a significant driver of complexity. The index itself, the MSCI World Consumer Discretionary, is a well-established equity index, unlikely to introduce complexity for retail investors. The document does not indicate any features that would make its structure, risks, or payoff difficult for a retail investor with basic knowledge to understand. The reference to MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57 also supports the assessment of complexity based on specific product features rather than general market risk. Given the physical replication and clear index tracking objective, it fits the criteria for a non-complex UCITS ETF."
    }
}