{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "ESG screening complexity",
            "Index provider methodology for ESG screening"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI EM SRI UCITS ETF USD (Acc) is a UCITS ETF. Its investment objective is to track the performance of the MSCI EM SRI Select Reduced Fossil Fuel Index. The ETF employs a passive management strategy, aiming to invest in equity securities that constitute the index. The index itself focuses on companies with higher Environmental, Social, and Governance (ESG) ratings, employing exclusionary criteria and a best-in-class approach. While the ESG screening and rating methodology adds a layer of complexity to understanding the underlying index constituents, the ETF's structure itself is based on physical replication, holding the underlying securities. The document explicitly states that the investment manager may use Financial Derivative Instruments (FDIs) to achieve the objective, but that 'The use of FDIs is expected to be limited for this Share Class.' Given this limited and ancillary use of derivatives, and the absence of other complex features such as leverage or embedded derivatives within the ETF's structure, it is presumed non-complex. The ESG screening process of the index, while affecting the investment universe, does not inherently make the ETF's structure or risks difficult for a retail investor to understand in the context of MiFID II complexity. The core mechanism of tracking an index through physical holdings is considered straightforward. The presence of counterparty risk and liquidity risk are mentioned, which are standard risks for many ETFs and not indicative of inherent structural complexity for classification purposes."
    }
}