{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI USA SRI UCITS ETF EUR Hedged (Dist) is confirmed as a UCITS ETF, which initially presumes a non-complex classification under MiFID II. The Fund is passively managed and aims to invest 'so far as possible and practicable in equity securities that make up the Index,' indicating a physical replication method. The use of Financial Derivative Instruments (FDIs) is primarily for 'currency hedging purposes' via 'FX forward contracts,' which falls under efficient portfolio management (EPM) for managing risk rather than being an inherent element of the investment strategy or for replicating the index synthetically. The fund also engages in securities lending, a common UCITS activity, which does not automatically trigger a complex classification. The underlying MSCI USA SRI Select Reduced Fossil Fuel Index is an equity index with ESG screening criteria, described transparently, and does not involve complex features like 'roll costs, contango or backwardation effects' or illiquid assets. There is no mention of significant leverage or embedded derivatives forming the core structure of the ETF. The higher risk rating (6/7) is attributed to market movements of equities, not the complexity of the financial instrument's structure. Crucially, the specific rule stating 'If any element of Contingent Bonds or any Swap usage is identified then the classification must be complex' is not triggered, as the document explicitly mentions 'FX forward contracts' for hedging, not general 'swap usage' for the core investment objective."
    }
}