{
    "fund_name": "iShares FTSE MIB UCITS ETF EUR (Acc)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares FTSE MIB UCITS ETF is a physically replicated ETF that aims to track the FTSE MIB Index, which consists of 40 of the largest and most liquid Italian companies. The ETF uses physical replication, meaning it directly holds the underlying securities of the index. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, it does not indicate extensive or complex derivative usage. The primary use of derivatives appears to be for efficient portfolio management rather than as a core strategy. The ETF has a straightforward investment objective, a clear benchmark, and a transparent replication method. The risk profile is typical for an equity ETF, with risks primarily related to market movements and counterparty risk from securities lending. The ETF is UCITS-compliant, which generally implies a higher level of investor protection and transparency. The absence of leverage, inverse strategies, or complex underlying assets further supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": true,
    "securities_lending": true,
    "benchmark_complexity": "low",
    "liquidity": "high",
    "transparency": "high",
    "additional_notes": "The ETF's use of securities lending and potential derivative usage for portfolio management does not introduce significant complexity. The overall structure and strategy are straightforward and understandable for retail investors."
}