{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Index complexity (infrastructure sector, eligibility requirements)"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Global Infrastructure UCITS ETF USD (Acc) aims to achieve a return that reflects the FTSE Global Core Infrastructure Index. The ETF uses physical replication, meaning it holds the equity securities that make up the index. The index measures companies in transportation, energy, and telecommunications sectors based on specific eligibility criteria, and it is market capitalization-weighted with semi-annual rebalancing and additional quarterly reviews. The ETF may engage in short-term secured lending for income. While the Investment Manager may use financial derivative instruments (FDIs), the primary investment strategy is to hold the underlying equity securities. There is no mention of embedded derivatives, leverage beyond UCITS limits, or complex payoff structures. The underlying index, while specific to infrastructure, is described as having eligibility requirements and rebalancing rules, which are standard for index tracking. The risk rating of 'six' is due to market risk factors inherent in infrastructure investments, not structural complexity. According to MiFID II guidelines, UCITS ETFs are generally presumed non-complex. The use of physical replication and a clear objective to track a benchmark index, without complex derivative strategies or embedded derivatives, supports a non-complex classification. The complexity of the index's methodology itself does not automatically render the ETF complex if the structure and risks are otherwise understandable."
    }
}