{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "ESG screening may add complexity; Diversification limits up to 20% may increase concentration risk",
        "classification": "non-complex",
        "supporting_data": "The fund is a UCITS ETF that aims to track the S&P U.S. Dividend Aristocrats Screened Index using physical replication. It may use derivatives for efficient portfolio management (EPM), but does not engage in securities lending. The index includes high-yielding U.S. stocks that meet eligibility criteria and ESG characteristics, and weights securities according to dividend size. While the index is generally well-diversified, the fund may hold up to 20% of its net asset value in individual constituents to track the index accurately, which is within UCITS regulations.",
        "complex": false,
        "non-complex": true,
        "explanation": "This UCITS ETF primarily uses physical replication to track an index, which leans towards a non-complex classification.  While the fund might use derivatives, it is only for EPM and its limited use is not considered enough to classify it as complex. The risk comes from market fluctuation only rather than risks tied to complex instruments. This ESG screening introduces a layer of complexity, the ETF remains non-complex because the index methodology is transparent, and the ESG criteria are well-defined.  It does not have any elements of contingent bonds or swaps, and is not leveraged."
    }
}