{
    "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 ESG Screened UCITS ETF is classified as non-complex. It is a UCITS ETF, which carries a baseline presumption of being non-complex. The ETF aims to track the MSCI World ESG Screened Index using physical replication ('aims to invest in equity securities... that make up the Index'). The KIID explicitly states it aims to achieve returns that reflect the benchmark index and that it is passively managed. While the index itself has ESG exclusionary criteria, this relates to the selection of underlying securities and does not introduce structural complexity to the ETF's design or its derivative use. The KIID mentions that the Fund may 'also obtain indirect exposure to securities considered not to satisfy these ESG criteria', and that 'The Fund uses optimising techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of FDIs which may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.' However, the primary objective and replication method described lean heavily towards physical replication, and any use of Financial Derivatives (FDIs) is stated to be 'limited'. This limited use for optimising techniques, rather than as integral to the investment strategy, and the general physical replication method, along with the transparent nature of equity indices like the MSCI World, supports a non-complex classification. The risk and reward profile indicates a category 'six' due to investment risks, but this is related to market movements and not structural complexity. The document does not indicate any use of leverage, embedded derivatives, or complex underlying instruments that would typically lead to a complex classification under MiFID II. Securities lending is mentioned as a cost reduction measure, with a revenue share, but this is a common practice and not typically a driver of complexity unless it significantly alters the risk profile or creates opacity, which is not indicated here."
    }
}