{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG optimization",
            "Factor focus (momentum)"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI World Momentum Factor ESG USD (Acc) ETF is a UCITS ETF. It aims to track the MSCI World Momentum ESG Reduced Carbon Target Select Index by holding the underlying equity securities. The Key Investor Information Document (KIID) states that the fund is passively managed and aims to invest in equity securities that make up the index. The use of financial derivative instruments (FDIs) is mentioned as a possibility to help achieve the investment objective, but the primary replication method described is physical. The KIID also mentions securities lending for income generation. Importantly, the fund's objective is to replicate a specific index, which is a common and generally understood strategy for ETFs. The ESG optimization and factor focus (momentum) introduce some complexity in the index construction, but this does not automatically render the ETF complex under MiFID II as the underlying assets are equity securities and the replication method is predominantly physical. There is no indication of embedded derivatives, significant leverage, or other features that would typically classify a UCITS ETF as complex. Therefore, based on the provided information and the MiFID II framework for UCITS ETFs, it is classified as non-complex. The nuances around derivative interpretation (ESMA's stricter view on any derivative use potentially leading to complexity) are not directly applicable here as the primary stated method is physical replication and any derivative use is described as a possibility to 'help achieve the objective', not as integral to the strategy. Furthermore, the index methodology, while incorporating ESG and factor tilts, is still based on equity securities. The risk and reward profile mentions 'Index Methodology Risk' and 'Factor Focus Risk', which relate to the index's construction rather than the ETF's structural complexity. The counterparty risk mentioned in the KIID is a general risk for funds that may use FDIs, but it's not presented as a primary driver of complexity in this specific ETF's structure given its physical replication approach."
    }
}