{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for direct investment purposes"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Infrastructure UCITS ETF primarily uses physical replication to track the FTSE Global Core Infrastructure Index, holding the underlying equity securities directly. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, there is no indication of leverage, synthetic replication, or complex structured products. The derivatives are likely used for efficient portfolio management rather than as a core strategy, and the fund's risk profile (rated 6) is primarily driven by sector concentration and equity market risks rather than derivative complexity. The fund is UCITS-compliant, which imposes strict risk and transparency requirements, further supporting its non-complex classification. The absence of swaps, leverage, or inverse strategies, along with the straightforward physical replication method, aligns with non-complex characteristics under MiFID II.",
    "confidence": 90
}