{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Conservative Portfolio UCITS ETF is classified as non-complex under MiFID II regulations. The fund is a physically replicated, multi-asset UCITS ETF with a conservative risk profile (2-5%). It primarily invests in other UCITS-compliant funds and ETFs, with at least 80% meeting ESG criteria. While the fund may use derivatives for currency hedging and efficient portfolio management, these are not used for leverage or complex strategies. The fund's risk profile is clearly disclosed, and its investments are in liquid, transparent assets. The absence of leverage, inverse exposure, or complex underlying assets further supports the non-complex classification.",
    "confidence": 95,
    "risk_level": 3,
    "counterparty_risk": true,
    "credit_risk": true,
    "liquidity_risk": false,
    "esg_screening": true,
    "currency_hedging": true,
    "securities_lending": true
}