{
    "success": true,
    "data": {
        "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 Consumer Discretionary EUR (Acc) Share Class is a UCITS ETF. Its objective is to track the MSCI Europe Consumer Discretionary 20/35 Capped Index by investing in the equity securities that make up the index. The KIID explicitly states that the Share Class is passively managed and aims to invest in equity securities. The replication method is physical, meaning it holds the underlying shares. The index composition is based on large and mid-capitalisation companies in developed European countries within the consumer discretionary sector, with diversification caps applied to the largest constituents. There is no mention of derivative usage for replication or investment objectives. Securities lending is mentioned as a means to generate additional income, but this is a secondary activity and not central to the investment strategy. The risk profile is rated seven, but this is due to market volatility of equities, not structural complexity. The ETF is UCITS compliant, which provides a baseline presumption of non-complexity due to stringent regulatory requirements for diversification, liquidity, and transparency. All factors point towards a straightforward, physically replicated ETF tracking a known equity index, making it understandable for a retail investor."
    }
}