{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares S&P 500 Industrials Sector UCITS ETF (Acc) is presumed non-complex under MiFID II. Key factors supporting this classification include:  The ETF aims to track the S&P 500 Capped 35/20 Industrials Index using physical replication, which means it holds the actual equity securities of companies within the index. The KID document indicates it is passively managed and aims to invest in equity securities that make up the index. It may also engage in short-term secured lending of its investments.  The fund uses physical replication. The objective of the fund and the investment policy and is clear and easily understood. It is suitable for medium to long term investment, meaning the investor understands the product risk.  The fund has a risk score of 6 out of 7 based on the KID, but this reflects market risk (equities) not structural complexity. The fund document makes no reference to embedded derivatives or the use of other complex financial instruments, or any form of leverage that would trigger complexity. The fundu2019s structure and risks (market volatility, tracking error) are straightforward. Securities lending is mentioned, but it is a secondary feature. There is no mention of complex structures or derivatives that would indicate a higher complexity profile, as stated in section 6 of the MiFID II framework. All these factors point to the ETF being non-complex."
    }
}