{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Depository receipts",
            "Complex Index"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares BIC 50 UCITS ETF USD (Dist) is a UCITS ETF that aims to achieve a return reflecting the FTSE BIC 50 Net of Tax Index. It passively manages its investments by holding the equity securities that make up the index, including American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). While it uses depository receipts, which are noted as potentially requiring assessment under MiFID II if not explicitly covered, the primary method is physical replication. The fund's objective is straightforward: to track a widely recognized index. There is no mention of embedded derivatives, leverage beyond typical UCITS limits, or other complex structures that would make it difficult for a retail investor to understand its nature or risks. The index itself, while tracking emerging markets, is a standard market capitalization-weighted index with a cap on component weightings. The use of securities lending is a secondary income-generating activity and not central to the investment strategy or complexity. Therefore, based on the provided information and the MiFID II framework, the ETF is classified as non-complex."
    }
}