{
    "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 ETF aims to track the Bloomberg MSCI USD Corporate PAB Green Tilted Index using direct replication, primarily investing in transferable securities. The use of derivatives is limited to efficient portfolio management (managing inflows/outflows, hedging currency) and is not integral to achieving the investment objective. The index methodology aims for an annual 10% decarbonization trajectory and uses an optimization approach to minimize active total risk. The ETF is UCITS compliant, which implies adherence to diversification and liquidity rules. The risks mentioned (credit, liquidity, counterparty, operational, hedging) are standard for bond ETFs and do not indicate structural complexity. The investment objective, structure, and risks are generally understandable by retail investors with basic knowledge. Securities lending is mentioned as a method to generate income, but it's a secondary feature and within UCITS rules. The KID risk indicator is not specified but would reflect market risk, not structural complexity. The ESMA guidance generally considers UCITS ETFs as non-complex unless they have specific complex features. The key factors supporting a non-complex classification are physical replication, limited use of derivatives for EPM, and a structure that is generally understandable by retail investors."
    }
}