{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI Europe Consumer Staples EUR (Acc) Share Class is a UCITS ETF that passively tracks the MSCI Europe Consumer Staples 20/35 Capped Index. The investment policy states that the ETF aims to invest in equity securities that make up the index, using physical replication. The index methodology includes capping the weight of the largest companies to ensure diversification, which is a standard practice for index tracking. The KIID mentions that the fund may engage in short-term secured lending of its investments to generate additional income, which is generally considered a non-complex ancillary activity under UCITS rules, provided it is well-managed and collateralized. The KIID also notes the use of financial derivative instruments (FDIs) may be used for direct investment purposes, but the primary investment strategy is physical replication. Given the focus on physical replication of a recognized equity index and the absence of complex derivatives central to the strategy, embedded derivatives, or significant leverage, this ETF is presumed non-complex. The risks highlighted, such as market volatility, are typical for equity ETFs and do not indicate structural complexity. The index itself is a standard equity sector index, and its methodology (quarterly rebalancing, capping weights) is transparent and understandable for retail investors. Therefore, based on the provided information and the general MiFID II framework for UCITS ETFs, this instrument is classified as non-complex."
    }
}