{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The fund uses optimizing techniques, which may include the strategic selection of certain securities or the use of financial derivative instruments (FDIs) for direct investment purposes. Although the objective is to reflect the performance of the MSCI USA Mid-Cap Equal Weighted Index, the index itself is a 'factor focus' index that removes the influence of each constituent's market capitalization and includes mid-cap equity securities from the parent index. The use of FDIs introduces the risk of swaps and other complex investment strategies. The KID indicates a risk rating of 6/7, indicating a high risk profile. Securities lending is used and this adds to the counterparty risk of the portfolio.",
        "classification": "non-complex",
        "supporting_data": "Based on the provided information, the iShares MSCI USA Mid-Cap Equal Weight ETF is classified as non-complex under MiFID II. The primary strategy involves physical replication of the MSCI USA Mid-Cap Equal Weighted Index, investing in the equity securities that make up the benchmark index and is passively managed. Derivatives are used for direct investment purposes to achieve a similar return to its Benchmark index but only as a secondary feature of EPM. The structure appears straightforward, and the primary risks relate to market volatility and tracking error. The use of securities lending introduces counterparty risk, but this does not automatically make the ETF complex, especially given it's a secondary feature and well-managed within UCITS rules (e.g. collateral requirements). Furthermore, the benchmark index aims to reflect the performance of mid-capitalization equity securities but each security is equally weighted within the Benchmark Index which is not complex. The fund tracks the index and does not embed derivatives. Therefore, it aligns with the characteristics of a non-complex ETF as outlined in the framework."
    }
}