{
    "success": true,
    "data": {
        "is_ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI India UCITS ETF aims to achieve its objective by investing in equity securities that make up the MSCI India Index. The KIID explicitly states that the Share Class, via the Fund, is passively managed and invests in equity securities that, so far as possible and practicable, make up the Index. The replication method is physical, meaning it holds the underlying securities. The index itself (MSCI India Index) is described as a free float-adjusted market capitalisation weight index tracking large and mid-capitalisation stocks in the Indian market, which are typically well-understood by investors. The document mentions that the investment manager may use financial derivative instruments (FDIs) to help achieve the Fund's investment objective, but explicitly states that the use of FDIs is expected to be limited for this Share Class. According to MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57, UCITS ETFs are generally presumed non-complex. The limited use of derivatives for efficient portfolio management, without being integral to the strategy, does not automatically classify the ETF as complex, especially when the impact on the risk-return profile is minimal. The ETF's structure, objective, and risks (market volatility, tracking error) are straightforward and align with the characteristics of a non-complex instrument that a retail investor with basic knowledge can understand. There is no mention of embedded derivatives, leverage, or complex underlying assets that would complicate understanding. The risk profile is rated six, but this is attributed to the nature of investments (emerging markets, equities) rather than structural complexity."
    }
}