{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Derivatives usage for index replication",
            "Socially Responsible Investing (SRI) index with complex ESG criteria",
            "Issuer Capped Index"
        ],
        "classification": "complex",
        "supporting_data": "The ETF aims to track the MSCI World SRI Low Carbon Select 5% Issuer Capped Index (Net Return). While it may directly invest in component securities, it also uses derivatives to achieve exposure, especially when direct replication is not feasible or efficient.  The index itself uses a best-in-class ESG approach, excluding at least 20% (potentially 75%) of the least well-rated securities based on environmental, social, and governance factors; this index construction adds complexity to the investor's understanding beyond simply tracking a standard market index. The fund does not engage in securities lending. Although UCITS funds are generally considered non-complex, the use of derivatives to obtain exposure and the complex methodology behind the SRI index's construction lead to a complex classification due to the added counterparty risk and difficulties in easily understanding the indexs constituents.. The risk level of 6/7, though reflecting market volatility, is linked to the underlying ESG rating system used by the index, not just the asset itself, but the ETF tracks an index created through a complex process of ESG scoring."
    }
}