{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "replication_method": "physical",
        "complex_factors": [
            "ESG criteria",
            "Currency Hedging"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which is the baseline for non-complex. It aims to track the MSCI World Low Carbon SRI Selection Index. The KIID states the fund is passively managed and aims to replicate the index's performance by buying a substantial number of securities in the index. It mentions using financial contracts (derivatives) to reduce the effect of exchange rate fluctuations at the share class level (EUR Hedged), which is typically for efficient portfolio management and currency hedging, not to achieve the investment objective. The KIID also states that the fund may employ techniques and instruments for risk management, cost reduction, and performance improvement, which may include the use of derivatives. However, the primary replication method is physical, and the derivative use for currency hedging is a standard practice for hedged share classes. The ESG screening criteria are embedded in the index selection but do not inherently make the ETF complex in its structure or trading mechanism. The risk indicator is category 6, indicating high volatility, but this relates to market risk, not structural complexity. The KIID does not indicate any use of leverage, embedded derivatives for speculation, or complex underlying assets that would be difficult for a retail investor to understand. The reference to derivatives for currency hedging is a common practice and does not automatically trigger complexity if their use is limited to EPM. The description of the index is based on the MSCI World Index, which is a well-established and transparent benchmark. The KIID explicitly states that the fund is passively managed and will replicate the index by buying securities."
    }
}