{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "ESG optimization",
            "ESG screening",
            "Derivative use for direct investment purposes"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI World Financials Sector ESG USD ETF aims to replicate the MSCI World Financials ESG Reduced Carbon Select 20 35 Capped Index.  The fund uses physical replication, holding the underlying securities that make up the benchmark index. While the fund may use derivatives for efficient portfolio management (e.g., hedging currency risk or reducing transaction costs), their use is not integral to the investment objective.  The inclusion of ESG factors, while potentially creating complexity for retail investors to understand, does not inherently make the ETF complex.  The key is that the ETF's risks and structure are transparent, and readily understandable by investors with basic knowledge.  The use of derivatives appears limited to EPM and the ETF holds the underlying index constituents. The ESG criteria, while potentially complex to understand, do not introduce structural complexity, but rather influence the investment universe and could possibly affect portfolio valuation."
    }
}