{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG screening and carbon emission reduction rule in index methodology"
        ],
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF aims to reflect the performance of the MSCI Europe Communication Services Screened 20-35 Select Index. The index methodology involves ESG screening and a carbon emission reduction rule, which introduces some complexity in index construction. However, the ETF's investment policy states it will replicate the index by buying all or a substantial number of the securities in the index, indicating physical replication. The KIID mentions the possibility of using derivatives for risk management, cost reduction, or improving results, but this is a general statement and not indicative of integral use for replication. Securities lending is mentioned as a possibility for generating income, with a revenue sharing model detailed. The risk profile is categorized as 6 out of 7, indicating potentially high losses and gains due to market volatility, but this is not directly linked to structural complexity. The core strategy of tracking an index through physical replication, coupled with the generally understandable nature of equity indices and the absence of embedded derivatives or complex structures, supports a non-complex classification. While ESG and carbon screening add layers to the index construction, they do not inherently render the ETF itself complex for MiFID II purposes, as the underlying mechanism is straightforward replication of a screened index."
    }
}