{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG screening methodology",
            "ESG ratings"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI EM SRI UCITS ETF USD (Dist) aims to track the MSCI EM SRI Select Reduced Fossil Fuel Index. The ETF is passively managed and invests in equity securities that make up the index. The index methodology involves ESG screening and ratings-based criteria, which, while adding a layer of complexity to the underlying index composition, does not inherently make the ETF structure complex. The KID states that the investment manager may use Financial Derivative Instruments (FDIs) for direct investment purposes but notes that the use of FDIs is expected to be limited for this Share Class. Based on the information provided, the primary investment strategy is physical replication of an equity index. The ESG screening, while a nuanced aspect of the index construction, does not equate to the structural complexity associated with derivatives that are integral to the ETF's strategy, counterparty risk, or embedded options. The ETF is a UCITS, and its objective is to replicate a widely recognized index. There is no indication of synthetic replication, leverage, embedded derivatives, or other features that would typically classify a UCITS ETF as complex under MiFID II. The mention of counterparty risk in the risk section is a general disclosure for financial instruments and does not imply a significant or strategy-defining use of derivatives in this ETF."
    }
}