{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG criteria in index construction",
            "ESG score improvement constraints"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares Edge MSCI World Minimum Volatility Advanced UCITS ETF USD (Acc) is a UCITS ETF, which generally presumes a non-complex classification. The fund's investment objective is to replicate the MSCI World Minimum Volatility Advanced Select Index. The replication method described is 'optimising techniques', which may include strategic selection of securities or 'other securities which provide similar performance'. The document explicitly states 'FDIs may be used for direct investment purposes', but there is no indication that derivatives are integral to achieving its investment objective or that they are used for synthetic replication. The index selection process incorporates ESG criteria and carbon reduction exposure constraints, which, while adding complexity to the index methodology itself, do not inherently make the ETF complex under MiFID II, as the underlying assets are still equities. The fund's risk profile is described as 'six' out of seven, but this is attributed to market volatility of equities, not structural complexity. Securities lending is mentioned as a practice to generate income, which is a secondary feature and is managed within UCITS rules. There is no mention of leverage beyond temporary borrowing or embedded derivatives. The fund tracks a publicly available index, and the information provided in the Key Investor Information Document is clear and understandable for a retail investor. The complexity arises from the index's minimum volatility strategy and ESG integration, but the underlying investment in equities is straightforward and physically replicated (or optimized). Therefore, it is classified as non-complex."
    }
}