{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG ratings methodology for index selection",
            "Potential for tracking error"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which benefits from a presumption of non-complexity. It tracks the MSCI Europe ESG Leaders Net Total Return Index using direct replication, investing primarily in securities comprising the index. While it may use a sampling replication strategy and engage in securities lending (which is considered a secondary feature with potential counterparty risk but not automatically complex if managed well), these do not make the ETF inherently complex. The investment objective and index methodology, focusing on ESG ratings, are disclosed. The risks highlighted, such as market risk linked to controversies and ESG methodology, are standard for index-tracking products and do not require advanced financial knowledge to understand. There is no mention of derivatives being integral to the strategy, leverage, or embedded derivatives. The information provided aligns with the criteria for non-complex financial instruments under MiFID II, particularly regarding transparency of the index and replication method. The documentation does not indicate any features that would make its structure, risks, or payoff difficult for a retail investor to understand."
    }
}