{
    "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 MSCI Brazil UCITS ETF is a UCITS-compliant Exchange Traded Fund that aims to track the MSCI Brazil Index. The investment policy states it is passively managed and aims to replicate the benchmark index, which measures the performance of large and mid-cap Brazilian companies. The fund primarily uses physical replication, holding at least 95% of its assets to match the index's weighting. The fund explicitly states it is not its intention to leverage the fund, although minimal leverage may be generated for efficient portfolio management. Derivatives are not mentioned as a core component of the strategy. The underlying index is a well-established equity index. The risks mentioned, such as market volatility and currency risk, are standard for equity ETFs and do not stem from complex structures. The KIID indicates a risk rating of seven, but this is attributed to the nature of emerging market investments rather than inherent product complexity. Therefore, based on the provided information and MiFID II guidelines for UCITS ETFs, this ETF is classified as non-complex."
    }
}