{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Optimising techniques using derivatives",
        "classification": "complex",
        "supporting_data": "The iShares MSCI Europe Mid Cap UCITS ETF is a UCITS-compliant ETF that aims to replicate the performance of the MSCI Europe Mid Cap Index through physical replication. However, the fund uses 'optimising techniques' that may include the use of financial derivative instruments (FDIs) for direct investment purposes to achieve a similar return to the Index. While the ETF is UCITS compliant, the potential use of derivatives, even for optimising purposes introduces a degree of complexity. The fund also engages in securities lending, which introduces counterparty risk. These factors, specifically the derivatives usage, lead to a classification of 'Complex' under MiFID II.",
        "explanation": "Although UCITS ETFs are generally considered non-complex, the ETF uses 'optimising techniques' that may include the use of financial derivative instruments (FDIs) for direct investment purposes. Therefore a 'complex' classification is appropriate."
    }
}