{
    "fund_name": "iShares MSCI World Health Care Sector Advanced UCITS ETF USD (Acc)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Health Care Advanced Select 20 35 Capped Index, which is a straightforward equity index. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, there is no indication that these are used for leverage, inverse exposure, or synthetic replication. The derivatives appear to be used for efficient portfolio management rather than as a core strategy. The risk profile is rated 6, but this is primarily due to sector concentration risks rather than structural complexity. The ETF is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The absence of leverage, inverse strategies, or synthetic replication supports the non-complex classification.",
    "confidence": 90,
    "counter_argument": "Some might argue that the use of derivatives could trigger complexity, but the KIID explicitly states that derivatives are used to help achieve the investment objective, not as a primary strategy. The ETF's physical replication and straightforward equity exposure outweigh the limited derivative usage.",
    "risk_level": 6,
    "esg_optimization": true,
    "securities_lending": true,
    "benchmark_complexity": "low"
}