{
    "fund_name": "iShares MSCI Global Semiconductors UCITS ETF",
    "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 ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, it explicitly states that such use is expected to be limited. The primary strategy involves holding the underlying securities of the index. There are no indications of leverage, inverse strategies, or significant derivative exposure that would classify this as a complex instrument. The risk profile (rated 7) is primarily due to sector concentration and emerging market exposure rather than structural complexity. The ETF is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "counter_argument": "The mention of FDIs could suggest potential complexity, but the explicit statement that their use is limited and the primary replication method is physical outweighs this concern. The ETF's structure and strategy are transparent and aligned with standard index-tracking methodologies.",
    "risk_level": "The risk level is high (rated 7) due to sector-specific and emerging market risks, but this does not stem from structural complexity. The risks are clearly disclosed and understandable, supporting the non-complex classification."
}