{
    "name": "iShares Europe Equity Enhanced Active UCITS ETF EUR (Acc)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Quantitative models",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is actively managed with a primary focus on physical replication of European equities. While it mentions the use of financial derivative instruments (FDIs) for investment purposes, risk reduction, cost efficiency, and income generation, there is no indication of synthetic replication, leverage, or inverse strategies. The derivatives are used within the context of efficient portfolio management (EPM) rather than as a core strategy. The risk level is rated 6, but this is primarily due to equity market risks rather than structural complexity. The fund does not exhibit characteristics that would typically classify it as complex under MiFID II, such as synthetic replication, leverage, or exposure to illiquid or hard-to-value assets.",
    "confidence": 85,
    "counter_argument": "The use of derivatives could be seen as a complexity factor, but the KIID explicitly states that derivatives are used for investment purposes, risk reduction, and cost efficiency, which aligns with standard EPM practices. The absence of synthetic replication, leverage, or inverse strategies supports the non-complex classification. The quantitative models used for stock selection are not inherently complex under MiFID II unless they involve opaque or non-transparent methodologies, which is not indicated here.",
    "risk_level": 6,
    "esg_integration": true,
    "benchmark": "MSCI Europe Index",
    "geographic_focus": "Europe",
    "asset_class": "Equity",
    "currency": "EUR",
    "ter": 0.25
}