{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The fund tracks an index focused on climate transition and Paris Agreement alignment, which introduces some complexity, along with potential counterparty risk due to derivative use for risk reduction. However the ETF structure is primarily physical replication of a transparent index.",
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF aims to track the MSCI Japan Climate Paris Aligned Index, an equity index. The ETF primarily uses physical replication, holding the underlying securities of the index. Derivatives are used for risk reduction, not as integral to the investment strategy. The KID states the risk as 6/7 and that it uses derivatives to reduce risk which may present counterparty risk. The fund does not engage in securities lending. Overall, the structure and investment objective are transparent, with the primary risk being market volatility.The use of derivatives for risk reduction does not automatically make it complex under MiFID II, especially given the emphasis on physical replication and a focus on a well-defined index. The fund can use derivatives for risk reduction in line with the ESMA guidelines."
    }
}