{
    "fund_name": "iShares MSCI USA Screened UCITS ETF USD (Acc)",
    "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 Screened Index, which excludes companies based on ESG criteria. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, it specifies this is to produce a similar return to its index, not for leverage or complex strategies. The primary investment is in equity securities, and the risk profile (rated 6) is typical for equity ETFs. The ESG screening adds a layer of complexity in terms of index construction, but this does not inherently make the product complex under MiFID II. The fund's use of securities lending is disclosed but is a common practice in ETFs and does not contribute to complexity. The absence of leverage, inverse strategies, or synthetic replication supports the non-complex classification.",
    "confidence": 90,
    "counter_argument": "Some might argue that the ESG screening and potential use of derivatives could introduce complexity. However, the derivatives are explicitly stated to be used for direct investment purposes to match the index return, not for leverage or speculative purposes. The ESG criteria, while adding a layer of screening, do not fundamentally alter the straightforward equity exposure of the ETF.",
    "risk_level": "The risk level is rated 6, which is moderate to high for an equity ETF, but this is consistent with the underlying asset class and does not indicate complexity."
}