{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Sampling strategy (may not hold all index constituents in the same proportion)",
            "ESG screening (embedded in index selection, not fully monitored by investment manager)",
            "Limited liquidity (insufficient buyers/sellers)",
            "Counterparty risk (insolvency of service providers)",
            "Credit risk (issuers not paying income/repaying capital)"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the Solactive ISS Paris Aligned Select Euro Corporate Bond Index.  It uses a sampling strategy, meaning it doesn't necessarily hold every constituent of the index.  While the index includes ESG criteria, the investment manager isn't responsible for monitoring or verifying the companies' ESG standards, introducing some risk.  The key investor information document also states lower risk, which suggests no high-level features that would drive a MiFID II complex determination,  despite the possibility of lower liquidity, counterparty and credit risk.  The use of derivatives is deemed limited to direct investment purposes for efficient portfolio management, rather than being central to the investment strategy. There are references to risks, such as limited liquidity, counterparty risk and credit risk, and some lack of transparency in terms of the quality of ESG standards and liquidity of the underlying instruments. The ETF employs physical replication which is a relatively straightforward method of replication.  This, along with the nature of the underlying index and its relatively lower risk profile according to the KID, leads to a non-complex classification, despite specific risks related to liquidity, counterparty and credit issues that are disclosed in the KIID."
    }
}