{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivative usage for risk management, not central to strategy"
        ],
        "classification": "non-complex",
        "supporting_data": "The UBS (Lux) Fund Solutions u2013 MSCI Emerging Markets Socially Responsible UCITS ETF is passively managed, tracking the MSCI Emerging Markets SRI Low Carbon Select 5% Issuer Capped Index (Net Return).  The fund uses a 'sampling strategy' for index replication.  Crucially, the fund does not engage in securities lending.  While the fund *may* use derivatives, this is for managing risks inherent in the strategy of investing in a sample of the constituent stocks of the benchmark, such as managing inflows/outflows, hedging currency risk, or reducing transaction costs.  The fund uses physical replication, directly holding underlying securities; thus, its performance is linked to the index minus fees and tracking error.  The benchmark itself tracks ESG (Environmental, Social, and Governance) companies, and exclusions are in place from the least well-rated. The fund does not feature leverage or capital protection. The fact that the risk profile is higher (Category 6) is not a factor in the complexity determination itself but is reflective of market volatility, not structural complexity.  The transparency of the underlying index is not at issue.  The fundu2019s objective, structure, and risks are straightforward and readily understandable by retail investors with basic financial knowledge. There is no indication of Contingent Convertible Bonds or other complex bond structures.  Roll costs, contango, or backwardation effects are not noted. Therefore, based on the criteria, this asset is classified as non-complex."
    }
}