{
    "success": true,
    "data": {
        "is_ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI Europe SRI UCITS ETF USD (Acc) is a UCITS ETF, which benefits from the general presumption of being non-complex under MiFID II. Its investment policy is to passively track the MSCI Europe SRI Select Reduced Fossil Fuel Index by investing in equity securities that make up the Index. The document explicitly states it aims to invest 'so far as possible and practicable in equity securities that make up the Index', indicating physical replication. There is no mention of the use of derivatives for replication or any other complex strategy. The KIID describes the risks as typical market risks associated with equities, such as daily stock market movements, political and economic news, and corporate events. While counterparty risk is mentioned in the context of service providers, it is not presented as an inherent risk of the ETF's investment strategy. Securities lending is mentioned as a method to offset costs, with revenue shared, and this is generally considered a standard practice that does not inherently make an ETF complex, especially when managed within UCITS rules and with collateral requirements. There is no indication of leverage beyond temporary borrowing limits, or embedded derivatives. The index methodology, focusing on ESG ratings and exclusions, while specific in its criteria, is transparent in its intent to track a sub-set of equities. The overall structure, investment objective, and risk disclosure align with a straightforward equity ETF. Therefore, it is classified as non-complex."
    }
}