{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Europe Energy Sector UCITS ETF is a physically replicated fund that tracks the MSCI Europe Energy 20/35 Capped Index. It primarily holds equity securities of large and mid-cap European energy companies. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, there is no indication of extensive or complex derivative usage, leverage, or synthetic replication. The fund's risk profile is driven by sector concentration rather than structural complexity. The absence of leverage, inverse strategies, or significant counterparty risk exposure further supports the non-complex classification. The fund's straightforward physical replication method and transparent underlying assets align with MiFID II criteria for non-complex instruments.",
    "confidence": 95
}