{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares Edge MSCI World Minimum Volatility UCITS ETF uses physical replication to track the MSCI World Minimum Volatility Index. The index selects securities with low volatility from the MSCI World Index. The fund's objective is to reflect the index's return. The document mentions the use of financial derivative instruments (FDIs) for 'direct investment purposes' and securities lending is also mentioned, but neither of these are central to the strategy, therefore the fund is not considered complex. The ETF aims to track a transparent index and the structure is straightforward. The KID states this fund is suitable for medium to long term investment. The fund is classified as six due to the nature of its investments which include the risks listed below.  Therefore, this fund does not seem to have any complex mechanisms, embedded derivatives or any opaque features. This fund would be classified as non-complex under MiFID II, according to section 6 of the framework.The ESMA guidelines note that the fund does not fall within Article 4(1)(18)(c) or points (4) to (10) of Section C of Annex I of MiFID II as per the MiFID II Supervisory briefing dated 4 April 2019 | ESMA35 -36 -1640. As per this document, this fund would therefore be suitable for the execution-only exemption. Also section 2.1 of the ESMA guidelines shows that as the fund uses physical replication, the product is not classified as complex."
    }
}