{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Timber & Forestry UCITS ETF is a physically replicated ETF that aims to track the S&P Global Timber & Forestry Index. The KIID and factsheet indicate that the fund primarily holds equity securities of companies in the timber and forestry sector, with no mention of leverage, inverse strategies, or significant derivative usage beyond limited use for efficient portfolio management. The fund uses physical replication, has a straightforward investment objective, and invests directly in liquid, transparent securities. The risk profile is rated 6, but this is due to sector concentration risks rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. While the fund may use derivatives for limited purposes, this does not appear to be a core or material part of its strategy, and there is no indication of complex underlying assets or capital protection mechanisms.",
    "confidence": 95
}