{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG Index"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF tracks the MSCI EMU ESG Broad CTB Select Net Total Return Index. The replication method is direct physical replication, which is generally considered non-complex. The KIID states that the sub-fund is passively managed. The use of derivatives is limited to managing inflows/outflows and for better exposition to index constituents, which falls under efficient portfolio management. Securities lending is also permitted but not as a core strategy. The ETF is a UCITS, which carries a presumption of being non-complex. The underlying index, while incorporating ESG and climate transition criteria, is an equity index that should be understandable to retail investors. There is no mention of embedded derivatives, leverage, or other complex structures that would typically lead to a 'complex' classification. The risk profile indicated is market risk, which is standard for equity ETFs and does not inherently make the product complex."
    }
}