{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Minimum Volatility Advanced Select Index strategy, derivative usage for portfolio management, and securities lending add complexity, but the primary physical replication method mitigates this. The KID states this ETF is for medium to long-term investment, and its risk rating is 6, with some investment risk concentration.",
        "classification": "non-complex",
        "supporting_data": "The iShares Edge MSCI Europe Minimum Volatility Advanced UCITS ETF, while employing a minimum volatility strategy and potentially using derivatives for efficient portfolio management and securities lending, primarily utilizes physical replication. It tracks the MSCI Europe Minimum Volatility Advanced Select Index, a potentially complex benchmark. The ETF's structure, risks, and objective are described in the KID, suggesting an effort to be understandable for retail investors. The fund uses derivatives only for EPM. The fact that the KID states this ETF is suitable for medium to long term investment implies that the complexity risk is not high. ESMA might still identify potential complexity by the use of derivatives. Considering the above information, this ETF would be classified as non-complex under MiFID II regulations. ESMA might take a view on the use of derivatives, but the supporting information is that the instruments are only for EPM. The KID indicates the ETF has a risk rating of 6 and a suitability for medium to long term investors. The securities lending and the Minimum Volatility Advanced Select Index strategy add some opacity, but not enough to justify a complex determination. The reference to the Fund uses optimization techniques to achieve a similar return to the Index, which may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities which may include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) but these are only for EPM. The Fund may also engage 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. Overall, however, the ETF's structure and stated objectives are relatively straightforward, it uses physical replication, and its risks are described in the KID, which suggests non-complex."
    }
}