{
    "fund_name": "iShares MSCI World Islamic UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Shariah compliance screening",
        "Potential derivative use for EPM"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the MSCI World Islamic Index and does not employ leverage, inverse strategies, or synthetic replication. While derivatives may be used for efficient portfolio management (EPM), this is a common practice in UCITS-compliant funds and does not inherently make the product complex under MiFID II. The Shariah compliance screening adds a layer of complexity in terms of investment selection but does not introduce structural complexity that would classify the product as complex. The risk profile (rated 6) is primarily driven by equity market exposure rather than structural complexity. The fund's transparency, liquidity, and straightforward replication method support a non-complex classification.",
    "confidence": 90,
    "counter_argument": "Some might argue that the use of derivatives (even for EPM) and the Shariah compliance screening could introduce complexity. However, the derivatives are not used for leverage or synthetic replication, and Shariah compliance is a thematic filter rather than a structural complexity. The fund's physical replication and UCITS compliance further support the non-complex classification.",
    "risk_level": 6,
    "benchmark_complexity": "The MSCI World Islamic Index applies Shariah-compliant screens but remains a standard equity index without embedded derivatives or leverage, thus not adding structural complexity."
}