{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Derivatives used for index replication",
            "ESG screening may lead to complex index",
            "ESG factor exposure"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the MSCI Europe SRI Low Carbon Select 5% Issuer Capped Index. It uses derivatives to gain exposure to the index, indicating synthetic replication rather than direct investment in the index constituents. Although the document states it is passively managed, the ESG and low carbon factor might introduce some complexity. The use of derivatives for index replication is a key factor that leads to a complex classification under MiFID II, even if the index itself is tracking transparent stocks the fund uses synthethic replication through derivatives.",
        "complex": true,
        "non-complex": false
    }
}