{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Sector-specific index",
            "ESG exclusionary criteria"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI World Communication Services Sector Advanced UCITS ETF (Dist) is a UCITS ETF that aims to track the MSCI World Communication Services Advanced Select 20 35 Capped Index.  It employs physical replication, holding the equity securities of the index. It appears to align with the criteria for a non-complex classification under MiFID II. The fund invests in equity securities of companies within the communication services sector and the objective of the fund is relatively straightforward and the index tracked measures the performance of companies within the MSCI World Communication Services Index. There are no specific indications of leverage, complex derivatives, or other features that would cause the fund to be classified as complex. The Key Investor Information Document (KIID) indicates the fund is suitable for medium to long term investment with a risk rating of six on the KIID scale. The fund does utilize ESG exclusionary criteria so as to minimise carbon emissions as well as exposure to potential emissions risk of fossil fuel reserves, increase the ESG score and minimise the tracking error, relative to the Parent Index. There is no mention of derivative usage apart from the investment manager 'may' use Financial Derivative Instruments for direct investment purposes so this has to be viewed with caution. This should not change the classification of the fund as non-complex. The fund also engages in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund which does not change the determination under the rules.The fund also has an ESG optimisation approach so it is more transparent. The benchmark is the intellectual property of the index provider and may have some complexities. The fund is therefore classified as non-complex."
    }
}