{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World ex-USA UCITS ETF is a physically replicated ETF that aims to track the MSCI World ex USA Index by holding the underlying equity securities. The KIID and factsheet indicate that while derivatives may be used for efficient portfolio management (EPM), they are not a core part of the investment strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is clearly disclosed, and the underlying assets are liquid, transparent equities. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The absence of complex features such as leverage, inverse exposure, or significant derivative usage supports the non-complex classification.",
    "confidence": 95
}