{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "None"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares STOXX Europe 600 Retail UCITS ETF (DE) is a UCITS ETF that aims to track the STOXXu00ae Europe 600 Retail (Price Index) by investing primarily in equities. The ETF's objective is to replicate the benchmark index, which comprises large European stocks. The document states that the fund is passively managed and invests 'mostly in equities'. It also mentions that the 'proportion of assets in the Fund which matches the weighting of the Index (duplication percentage) is at least 95%'. The fund aims to replicate the index through physical replication. It is not the investment manager's intention to leverage the fund, although it may generate 'minimal amounts of leverage from time to time, for example, if using financial derivative instruments (FDIs) for efficient portfolio management purposes'. However, the core strategy is based on holding equities, and any derivative use is explicitly stated as being for efficient portfolio management and minimal. MiFID II guidelines generally consider UCITS ETFs that use physical replication and limited derivatives for EPM as non-complex. The index itself is a broad market index for the retail sector, which is generally considered transparent. The information available indicates that the ETF's structure, risks, and payoff are designed to be understandable to retail investors. The 'Risk and Reward Profile' indicates a rating of six, which is attributed to the nature of its investments (equities), not to complex structural features. There is no mention of embedded derivatives, complex securitised debt, or other features that would typically classify an ETF as complex under MiFID II."
    }
}