{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Water UCITS ETF is physically replicated, invests directly in equity securities, and does not exhibit characteristics typically associated with complex financial instruments under MiFID II. The fund aims to track the S&P Global Water Index through direct investment in the underlying securities, with no indication of leverage, inverse strategies, or significant derivative usage beyond standard efficient portfolio management. The risk profile is clearly disclosed, and the fund is UCITS-compliant, which generally aligns with non-complex classifications. While the KIID mentions the potential use of financial derivative instruments (FDIs), this appears to be for limited purposes such as risk management rather than as a core strategy, which does not trigger complexity under MiFID II guidelines. The fund's risk level (rated 6) is primarily due to sector concentration rather than structural complexity.",
    "confidence": 95
}