{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Derivatives for EPM",
            "Currency Risk",
            "Emerging Markets Risk",
            "Small Cap Risk"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI EM Small Cap UCITS ETF aims to replicate the MSCI Emerging Markets Small Cap Index using physical replication. While the ETF uses 'optimising techniques' which may include financial derivative instruments (FDIs) for efficient portfolio management (EPM) such as managing inflows/outflows or hedging currency risk, the primary investment strategy is to invest in equity securities that make up the index. This is generally considered non-complex, as the use of derivatives for EPM is typically limited and does not form the core of the investment strategy. The ETF's objective is to track a transparent index. The document highlights risks such as 'Emerging markets', 'Currency Risk', and 'Small Cap Risk', which are market risks and do not inherently make the ETF complex from a structural or derivative perspective. The description does not indicate the use of embedded derivatives or synthetic replication that would automatically trigger a complex classification. Securities lending is mentioned as a method to generate additional income, which is a common practice and does not automatically lead to a complex classification if managed within UCITS rules and with appropriate collateral. Therefore, based on the provided information and the MiFID II framework, the ETF is classified as non-complex."
    }
}