{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks an index of Biotechnology companies. The ETF may use derivatives for efficient portfolio management (EPM).",
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF, iShares NASDAQ US Biotechnology UCITS USD (Dist), is likely non-complex based on the provided information.  It aims to track the NASDAQ Biotechnology Index, utilizing physical replication (holding equity securities) to mirror the index's performance.  While derivatives may be used, the KIID states that this will be for efficient portfolio management (EPM), and is therefore unlikely to impact the risk profile of the fund. The risks are clearly stated in the KID which include market volatility and risks of investing in specific sectors. Based on this information, and considering the ESMA guidelines, it's likely to be considered non-complex. This assessment is based on the understanding that, as per ESMA guidance, the use of derivatives for EPM would *not* automatically classify the ETF as complex and the fact that the index is for Biotechnology companies."
    }
}