{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG strategy complexity",
            "Active management with no explicit index constraint"
        ],
        "classification": "non-complex",
        "supporting_data": "The Ossiam Food for Biodiversity UCITS ETF is a UCITS ETF, which is generally presumed non-complex. Its investment objective is to minimize biodiversity impact in the agricultural and food sectors. The fund invests primarily in listed equities, employing a quantitative model with thematic and impact rules-based exclusions and a best-in-class ESG filter. The fund is actively managed and its composition is not constrained by any index. The KIID does not mention the use of derivatives for replication or other purposes. The ETF's risk profile is rated 5 out of 7, which indicates market risk (volatility) rather than structural complexity. The investment strategy, while ESG-focused, relies on equity holdings and optimization, which are generally understandable to retail investors. The absence of derivatives, leverage, and complex underlying assets supports its non-complex classification. The fact that it's actively managed without a fixed index is a characteristic, but doesn't inherently make it complex under MiFID II if the underlying instruments and strategy are transparent and understandable."
    }
}