{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The ETF invests in other funds and investment products and will predominantly invest in other funds tracking indices. It does not explicitly use derivatives or leverage, and its risk profile is conservative.",
        "classification": "non-complex",
        "supporting_data": "Based on the provided KIID, the iShares Conservative Portfolio UCITS ETF (GBP Hedged) Share Class is classified as non-complex. The fund predominantly invests in other funds, including UCITS ETFs and UCITS eligible exchange traded commodities. The replication method appears to be standard as does the risk factors. It does not explicitly use derivatives beyond currency hedging. The fund uses financial derivative instruments, including FX forward contracts, for currency hedging purposes. Although the use of FX forward contracts introduces complexity according to ESMA, its primary purpose is risk reduction (currency hedging) rather than enhancing returns or leveraging the portfolio, which leans towards a non-complex classification. The ETF does not use significant leverage, and its structure and objectives are straightforward, aligning with the characteristics of a non-complex ETF. Securities lending is a secondary feature within the fund, well-managed within UCITS rules. The overall structure, with its conservative risk profile and primary investments in other funds, suggests a non-complex classification under MiFID II."
    }
}