{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG Screening",
            "Carbon Emission Reduction Rule"
        ],
        "classification": "non-complex",
        "supporting_data": "The Xtrackers MSCI Europe Industrials Screened UCITS ETF is managed passively and aims to reflect the performance of the MSCI Europe Industrials Screened 20-35 Select Index. The replication method is physical, meaning the fund buys the underlying securities of the index. The index methodology includes ESG screening and a carbon emission reduction rule, which adds a layer of complexity to the index itself. However, MiFID II guidelines generally classify UCITS ETFs that use physical replication and track transparent indices as non-complex. The document states that UCITS are presumed non-complex. While ESG and carbon rules affect the index, they do not inherently make the ETF's structure or payoff mechanism complex for a retail investor. There is no mention of derivatives being integral to the strategy, leverage, or other features that would typically lead to a complex classification. The risk profile is rated 6 out of 7, indicating high market risk, but this does not equate to structural complexity. The transparency of the index, despite its screening criteria, and the physical replication method support a non-complex classification."
    }
}