{
    "fund_name": "iShares MSCI World ESG Screened UCITS ETF",
    "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 World ESG Screened Index, with no evidence of leverage, inverse strategies, or significant derivative usage. The KIID explicitly states that the Fund aims to invest in equity securities that make up the Index, with only limited use of FDIs (Financial Derivative Instruments) for direct investment purposes. The risk profile is rated 6, but this is primarily due to equity market risks rather than structural complexity. The ESG screening criteria, while adding a layer of consideration, do not introduce complexity in the MiFID II sense, as they are clearly disclosed and do not involve complex financial instruments. The Fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The absence of counterparty risk warnings beyond standard custodial risks further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of FDIs (Financial Derivative Instruments) could introduce complexity. However, the KIID explicitly states that the use of FDIs is expected to be limited and used for direct investment purposes, not for leverage or synthetic replication. Therefore, this does not meet the threshold for complexity under MiFID II.",
    "risk_level": "The risk level is rated 6, which is relatively high due to the equity market exposure and ESG-related risks, but this does not equate to structural complexity. The risks are clearly disclosed and understandable, aligning with the non-complex classification."
}