{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Energy Sector UCITS ETF is a physically replicated fund that aims to track the MSCI World Energy Index. It primarily invests in equity securities of companies in the energy sector, with no indication of leverage, inverse strategies, or complex derivative usage beyond standard efficient portfolio management (EPM). The fund's KIID and factsheet confirm physical replication, a straightforward investment objective, and direct holdings of underlying securities. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be within the scope of EPM rather than a core strategy. The risk profile (rated 7) is primarily due to sector concentration rather than structural complexity. The fund's transparency, liquidity, and straightforward benchmark tracking further support its non-complex classification.",
    "confidence": 95
}