{
    "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 Timber & Forestry UCITS ETF is a physically replicated equity ETF tracking the S&P Global Timber & Forestry Index. It primarily holds equity securities of companies in the timber and forestry sector. While the KIID mentions the potential use of financial derivative instruments (FDIs), it explicitly states that such use is expected to be limited and likely for efficient portfolio management (EPM) purposes rather than as a core strategy. The fund has no leverage, inverse exposure, or synthetic replication. The risk profile (rated 6) is primarily driven by sector concentration risks rather than structural complexity. The ETF is UCITS-compliant, has a straightforward investment objective, and provides regular disclosure of holdings. The absence of significant derivative usage, leverage, or complex underlying assets supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the limited use of derivatives could introduce complexity. However, the KIID and factsheet clarify that derivative usage is minimal and likely for EPM purposes, which does not trigger complexity under MiFID II. The fund's physical replication and transparent equity holdings further support the non-complex classification."
}