{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "ESG exclusionary criteria impacting investment universe",
            "Currency risk for investors trading in non-base currency"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Global Water UCITS ETF aims to replicate the S&P Global Water Index by holding equity securities. It follows a passive management strategy. The index tracks publicly traded companies in the global water industry and applies ESG exclusionary criteria. The ETF uses physical replication, meaning it holds the underlying securities, which is generally considered transparent and straightforward. While the ETF mentions the potential use of financial derivative instruments (FDIs) for efficient portfolio management, the primary investment strategy is to hold physical equities. The document also notes that securities lending is used to generate income, which introduces counterparty risk but is presented as a secondary activity. The risk profile is rated six, but this is attributed to market movements and industry-specific risks, not inherent structural complexity of the ETF's design. The absence of embedded derivatives, leverage, or complex structured elements, combined with its UCITS status and physical replication, supports a non-complex classification. The ESG criteria, while influencing the investment universe, do not inherently make the ETF's structure complex for a retail investor. The mention of potential currency differences affecting performance is a common characteristic of many ETFs and does not automatically render it complex."
    }
}