{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Potential use of derivatives for EPM",
            "Securities Lending"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is classified as non-complex based on the MiFID II framework. It begins with the presumption of non-complexity as it is a UCITS ETF (iShares MSCI World SRI UCITS ETF). This presumption holds as the fund's core features are straightforward. The replication method is physical, as stated in the KIID: 'The Fund intends to replicate the Index by holding the equity securities which make up the Index'. This method is transparent and easy for a retail investor to understand. While the KIID notes that Financial Derivative Instruments (FDIs) 'may be use[d]...to help achieve the Fundu2019s investment objective', this is indicative of Efficient Portfolio Management (EPM) rather than being integral to the investment strategy, which is a key distinction for non-complexity. The fund does not use swaps for replication. The underlying index, MSCI World SRI Select Reduced Fossil Fuel Index, is a transparent, rules-based equity index, not a complex one involving derivatives or opaque strategies. The fund also engages in securities lending, but this is a secondary activity to generate income and, when managed within UCITS collateral rules, does not automatically trigger a complex classification. The high risk rating of 6/7 reflects market volatility inherent in equities, not structural complexity. The absence of a comprehension alert in the KID further supports the non-complex classification."
    }
}