{
    "fund_name": "iShares MSCI USA Islamic UCITS ETF USD (Dist)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Islamic Index, which consists of large and mid-cap U.S. equities compliant with Shari'ah principles. There is no mention of leverage, inverse strategies, or synthetic replication. The risk profile is rated 6, but this is due to the nature of equity investments rather than structural complexity. The KIID explicitly states the fund invests in equity securities and does not mention derivatives or swaps beyond standard counterparty risk disclosures related to fund operations. The PRIIPs KID and factsheet confirm the physical replication method and do not introduce any additional complexity factors. The fund's compliance with Shari'ah principles does not introduce complexity under MiFID II, as it primarily involves exclusionary screening rather than complex financial engineering.",
    "confidence": 95,
    "counter_argument": "Some might argue that the Shari'ah compliance requirements add complexity, but these are exclusionary screens rather than complex financial structures. The counterparty risk mentioned is standard for UCITS funds and does not indicate complexity in the MiFID II sense.",
    "final_decision_override": "The fund's physical replication method, lack of derivatives or leverage, and straightforward equity exposure outweigh any potential concerns about Shari'ah compliance complexity. The fund is appropriately classified as non-complex."
}