{
    "success": true,
    "data": {
        "complex": "non-complex",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "supporting_data": "The iShares MSCI Europe Health Care Sector EUR (Acc) Share Class is a UCITS ETF that passively aims to track the MSCI Europe Health Care 20/35 Capped Index by holding the underlying equity securities. The KIID states it is a UCITS ETF, which is generally presumed non-complex. The investment policy focuses on physical replication, holding shares of companies within the specified sector. The index has diversification rules (capping largest companies). The ETF may engage in short-term secured lending for income, which is a common practice and does not inherently make an ETF complex, provided it's well-managed within UCITS rules and doesn't dominate the risk profile. The KIID does not mention the use of derivatives integral to achieving the investment objective, nor does it indicate any leverage or complex structures beyond standard index tracking. The description of the index and the investment policy are generally understandable for a retail investor with basic financial knowledge. The risk and reward profile highlights market risk, which is standard for equity investments and not indicative of structural complexity. The ESMA guidelines and MiFID II framework consider UCITS ETFs to be generally non-complex unless they possess features that make them difficult for retail investors to understand, such as integral derivative use for replication or complex underlying assets. This ETF tracks a well-defined equity index using physical replication, aligning with the non-complex classification.",
        "classification": "non-complex"
    }
}