{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares NASDAQ US Biotechnology UCITS ETF is a physically replicated fund that aims to track the NASDAQ Biotechnology Index by holding the underlying equity securities. The KIID and factsheet indicate that the fund primarily uses physical replication, with derivatives only potentially used for efficient portfolio management (EPM) rather than as a core strategy. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is rated 6 out of 7, but this is due to sector concentration risks rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. While the KIID mentions the possibility of using financial derivative instruments (FDIs), it specifies that these are for achieving the investment objective, likely for hedging or EPM purposes, rather than for creating complex payoff structures. The absence of leverage, inverse exposure, or synthetic replication, combined with the straightforward physical replication strategy, supports the non-complex classification.",
    "confidence": 95
}