{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is passively managed and aims to reflect the performance of the MSCI World Utilities Total Return Net index. The investment policy states it will replicate the index by buying a substantial number of the securities in the index, indicating physical replication.  The document explicitly mentions that the fund may use derivatives 'to manage risk, reduce costs and improve results', but frames this as a supporting technique rather than integral to the investment objective.  MiFID II and ESMA guidelines generally consider physical replication of transparent indices as non-complex. The index itself tracks shares of companies in the utilities sector, which is typically understood by retail investors. There is no mention of embedded derivatives, leverage, or other complex structures. The risk profile is rated '6' (out of 7), indicating high market volatility, but this does not inherently make the ETF complex from a structural standpoint. The key investor information document does not contain any comprehension alerts, which would be expected for a complex product. The stated ongoing charges and securities lending fees are standard and do not indicate complexity. The document also confirms it is a UCITS ETF, which carries a presumption of being non-complex."
    }
}