{
    "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 iShares STOXX Europe 600 Financial Services UCITS ETF (DE) tracks a well-defined equity index (STOXXu00ae Europe 600 Financial Services) composed of large European companies. The KIID clearly states that the fund 'mostly invests in equities'. It also mentions that the fund may generate minimal amounts of leverage 'from time to time, for example, if using financial derivative instruments (FDIs) for efficient portfolio management purposes'. This suggests that derivatives, if used, are for EPM and not integral to the strategy. The fund uses physical replication, holding at least 95% of the fund's assets in line with the index. The KIID's risk indicator is rated 'six' due to the nature of its investments (equities), which is a measure of market risk rather than structural complexity. The document also highlights that counterparty risk exists from institutions providing services, which is a standard consideration for UCITS funds and does not automatically render it complex. Given that the ETF tracks a standard equity index using physical replication and any derivative use is for EPM, it fits the criteria for a non-complex financial instrument under MiFID II."
    }
}