{
    "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 Europe Consumer Staples ETF is a physically replicated UCITS-compliant fund that tracks a well-defined equity index. The KIID and factsheet indicate it uses physical replication to hold the underlying securities of the MSCI Europe Consumer Staples 20/35 Capped Index. While the documents mention the potential use of financial derivative instruments (FDIs), they specify these are for direct investment purposes and not for leverage or complex strategies. The fund's risk profile (rated 5) is primarily due to sector concentration rather than structural complexity. The factsheet confirms a physical replication methodology with no evidence of synthetic replication, leverage, or complex underlying assets. The counterparty risk mentioned relates to standard custodial and operational risks rather than complex derivative exposures. The fund's straightforward equity exposure to consumer staples companies, combined with its physical replication approach and lack of leverage or inverse strategies, supports a non-complex classification.",
    "confidence": 95
}