{
    "fund_name": "iShares MSCI North America UCITS ETF",
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI North America UCITS ETF is a physically replicated ETF that aims to track the MSCI North America Index by holding the underlying equity securities. The KIID and factsheet indicate that while the fund may use financial derivative instruments (FDIs) for direct investment purposes, this is likely for efficient portfolio management rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile is rated 6 out of 7, but this is primarily due to the nature of equity investments rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The absence of complex features such as leverage, inverse strategies, or significant derivative exposure supports the non-complex classification.",
    "confidence": 95
}