{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF tracks the MSCI Europe Select Screened Index using physical replication. The KIID states the fund aims to track the performance of the index by buying all or a substantial number of the securities in the index. While it mentions the possibility of using derivatives for risk management, cost reduction, or improving results, it does not indicate that derivatives are integral to the investment strategy. The index itself is based on a well-known equity index (MSCI Europe Index) with ESG screening and carbon reduction rules, which are considered understandable for retail investors. The risk profile is rated 6 out of 7, but this reflects market volatility rather than structural complexity. Securities lending is mentioned as a method to generate income, but this is a common practice for ETFs and, when managed within UCITS rules with collateral, does not automatically render an ETF complex. The primary method of replication is physical, and there is no mention of embedded derivatives, leverage, or complex underlying assets that would make it difficult for a retail investor with basic knowledge to understand the ETF's structure, risks, or payoff. Therefore, it aligns with the criteria for a non-complex financial instrument."
    }
}