{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Europe Energy Sector UCITS ETF is a physically replicated fund that tracks the MSCI Europe Energy 20/35 Capped Index. It invests directly in the underlying equity securities of the index and does not employ leverage, inverse strategies, or synthetic replication. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this is likely for efficient portfolio management (EPM) rather than as a core strategy. The fund's risk profile is driven by sector concentration in energy equities, which is clearly disclosed. The absence of leverage, complex derivatives, or synthetic replication supports a non-complex classification. The fund's risk level (rated 7) is primarily due to sector-specific risks rather than structural complexity.",
    "confidence": 90
}