{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks a Green Bond Index, which is not inherently complex, but the index methodology and the underlying bonds (Green Bonds) could potentially introduce complexity. The use of optimizing techniques and FDIs (Financial Derivative Instruments) for direct investment is mentioned, this indicates possible derivative usage in the construction of the portfolio although this could just be the wording. Also the index methodology or the underlying holdings within an index may be complex.",
        "classification": "non-complex",
        "supporting_data": "The iShares u20ac Green Bond UCITS ETF aims to achieve a return that reflects the Bloomberg MSCI Euro Green Bond SRI including Nuclear Power Index. The ETF uses physical replication. The KID states the risks associated with the ETF are credit risk, changes to interest rates and/or issuer defaults, counterparty risk and liquidity risk. The fund uses optimizing techniques and financial derivative instruments (FDIs), indicating possible use of derivatives, but this is for portfolio construction. The structure and risks seem straightforward, though there is a mention of short-term secured lending of investments to generate additional income. The index tracks Green Bonds and excludes certain issuers based on ESG/SRI criteria. Based on ESMA guidelines, unless derivatives are inherently part of the strategy, or the structure and risks are hard to understand, the ETF is non-complex. Given the ETF structure and the nature of green bonds, and the fact that derivatives usage appears to be for risk management. The ETF is likely to be classified as non-complex under MiFID II. The reference to 'Green Bonds' indicates the underlying assets could be non-complex, although the ESG screening criteria may introduce additional complexity."
    }
}