{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI World Small Cap UCITS ETF aims to track the MSCI World Small Cap Index, which measures the performance of small capitalization companies across developed markets. The ETF primarily uses physical replication, investing in the equity securities that make up the index. The KIID indicates that the ETF uses 'optimising techniques' which 'may include the strategic selection of certain securities' or 'other securities which provide similar performance', and 'may also include the use of financial derivative instruments (FDIs)'. However, it explicitly states that FDIs may be used for 'direct investment purposes', which, in the context of a UCITS ETF aiming to track a broad equity index, typically implies hedging or efficient portfolio management rather than being integral to the strategy. There is no indication of synthetic replication, embedded derivatives, or complex underlying assets. The risk profile is rated six, which is described as being due to the 'nature of its investments' including market volatility of smaller companies, not structural complexity. Securities lending is mentioned as a way to generate income, but this is a common and generally non-complex feature if managed within UCITS rules. The description aligns with the general presumption that UCITS ETFs tracking broad, transparent indices using physical replication are non-complex. The phrasing regarding the use of financial derivative instruments is not specific enough to suggest they are integral to the investment objective or introduce complexity beyond efficient portfolio management. Therefore, based on the information provided, the ETF is classified as non-complex."
    }
}