{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The assessment is based on the MiFID II rules provided. The ETF is classified as non-complex due to several key factors:1.  **UCITS Presumption:** The fund is a 'UCITS compliant Exchange Traded Fund', which establishes a baseline presumption of non-complexity.2.  **Replication Method:** The KIID states the fund uses an 'optimisation strategy to build a representative portfolio' by investing 'primarily in securities included in the Index'. This is a form of physical replication, which is considered straightforward and transparent, supporting a non-complex classification.3.  **Derivative Use:** The KIID specifies that derivatives may be used 'in order to manage the portfolio efficiently'. This use for Efficient Portfolio Management (EPM), rather than as a core part of the investment strategy (like in synthetic replication), does not make the ETF complex under the provided rules.4.  **Ease of Understanding:** The fund's objective is to track the MSCI ACWI IMI, a broad and transparent global equity index. The structure (physical replication) and primary risks (market volatility, tracking error, liquidity risk) are standard for equity ETFs and are understandable by a retail investor with basic knowledge. There are no structurally complex elements like swaps, embedded options, or algorithm-based payoffs.5.  **Additional Features:** Although the fund engages in securities lending (up to 40% of NAV), this is a secondary activity managed within UCITS rules and does not automatically make the ETF complex. The high-risk rating (6/7) reflects the market volatility of global equities, not structural complexity. There is no leverage or capital protection structure.",
        "final_assessment": "Non-Complex"
    }
}