{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks the MSCI Taiwan 20/35 Index. The index is a market capitalisation weighted index of large and mid cap companies in Taiwan. The ETF may use ADRs and GDRs which could have counterparty risk.",
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI Taiwan UCITS ETF (IE00B0M63623) primarily uses physical replication to track the MSCI Taiwan 20/35 Index. The fund invests in the equity securities that make up the benchmark index. It may also engage in short-term secured lending of its investments. The KID document states that the fund is suitable for medium to long term investment. It can also use American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) in order to gain exposure to certain securities that make up the Index. The fund is classified as a risk rating of six on the KID, but that is due to the market risk involved. The fund does not use derivatives to replicate the index, and primarily holds the underlying securities. ESMA's guidelines on complex debt instruments and structured deposits and ESMA's Guidelines on certain aspects of the MiFID II suitability requirements, all indicate this is a non-complex asset based on this information. The fund's structure and risks are easily understood. The fund's use of ADRs and GDRs may introduce counterparty risk but the index itself is straightforward and transparent. The use of derivatives is limited to EPM with minimal impact on risk-return. Under Article 19(6) UCITS are non complex."
    }
}