{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "derivatives": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to achieve its objective by investing in the equity securities that make up the EURO STOXX Small Index. This indicates a physical replication strategy. The KIID states that the Fund is passively managed and aims to invest 'so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.' While it mentions 'optimising techniques' and 'financial derivative instruments (FDIs)' may be used, the primary method described is physical replication. The primary risks highlighted are market volatility and tracking error, which are inherent to index-tracking ETFs and not indicative of structural complexity. Securities lending is mentioned as a way to generate additional income and offset costs, with a revenue sharing model with BlackRock, which is a common practice and not inherently complex if managed within UCITS rules. The ETF is a UCITS product, which by definition, is presumed non-complex unless specific features introduce complexity. The EURO STOXX Small Index is a standard equity index comprised of small-capitalisation companies in the Eurozone. There is no mention of embedded derivatives, leverage beyond temporary borrowing limits (which are typical for UCITS ETFs), or any other complex features that would typically lead to a complex classification under MiFID II. The KID clearly states the investment objective and the general risks associated with investing in equities of smaller companies, which are readily understandable by a retail investor with basic financial knowledge. Therefore, based on the provided information, the ETF is classified as non-complex."
    }
}