{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Indices"
        ],
        "classification": "complex",
        "supporting_data": "The asset is classified as complex. Although it is a UCITS ETF employing physical (Direct) replication and only uses derivatives for Efficient Portfolio Management (EPM), which are strong indicators of non-complexity, the underlying index it tracks is complex. The 'MSCI EMU Small Cap ESG Broad CTB Select Net EUR Index' is not a standard, easily understandable market index. It incorporates a 'Climate Transition Benchmark' (EU CTB) strategy, which involves reweighting securities based on complex criteria related to climate transition risks and opportunities. According to MiFID II guidelines, if the structure or performance drivers are difficult for a retail investor with basic knowledge to understand, the product is complex. The strategic and model-driven nature of this index makes it difficult to understand the exact drivers of performance and risk, overriding the simplicity of the ETF's physical replication structure. Therefore, due to the complexity of the underlying index, the ETF is classified as complex."
    }
}