{
    "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's objective is to track the MSCI Europe Growth Index, which is an equity index. The Key Investor Information Document (KIID) states that the Sub-Fund is passively managed and aims to track the performance of this index with minimal tracking error. The exposure to the Index will be achieved through Direct Replication, primarily by investing in transferable securities representing the Index constituents. The document also mentions that derivatives may be used for managing inflows/outflows or if they allow better exposition to an index constituent, and that securities lending may be used to generate additional income. However, the primary replication method is physical, and the use of derivatives for EPM is generally considered non-complex if limited. There is no mention of embedded derivatives, leverage, or other complex structures. The underlying index is an equity index, which is typically understood by retail investors. The KIID states that the risk level reflects market risk from investments in European equities, and does not indicate structural complexity. The document is clear about the investment strategy and risks. As per MiFID II rules, UCITS ETFs are generally presumed non-complex, and this ETF's characteristics align with this presumption, relying on physical replication and tracking a standard equity index."
    }
}