{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [],
        "supporting_data": "The ETF aims to achieve a return by investing in equity securities that track the MSCI Europe Energy 20/35 Capped Index. The replication method is physical, meaning it holds the underlying securities of the index. The index itself is described as measuring the performance of large and mid-capitalisation companies in developed European countries within the energy sector, with diversification caps applied to the largest companies. This is a straightforward index. The KIID states that the fund may engage in short-term secured lending of its investments to generate additional income, with specific revenue sharing outlined. This is a common practice for UCITS ETFs and does not inherently make the product complex. The document does not indicate the use of derivatives for direct investment purposes or to achieve its investment objective. The ETF is managed by BlackRock, a reputable asset manager. The risk indicator is rated at '7', but this refers to market risk and concentration in a specific sector, not structural complexity. The explanation of the risk indicator states it is due to the nature of its investments which include the risks listed below (which are standard market risks), and that it may not be a reliable indication of future risk profile. There is no mention of embedded derivatives, leverage beyond UCITS limits, capital protection with complex structures, or complex underlying indices. The description of the index and the ETF's investment policy aligns with a non-complex financial instrument under MiFID II. The general rule that UCITS are presumed non-complex unless specific features override this presumption applies here.",
        "classification": "non-complex"
    }
}