{
    "fund_name": "iShares Europe Equity Enhanced Active UCITS ETF EUR (Acc)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Use of financial derivative instruments (FDIs) for investment purposes",
        "Counterparty risk from derivative usage",
        "Quantitative models for stock selection",
        "Potential market leverage from FDIs"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II despite its derivative usage because: 1) The derivatives are used for investment purposes and risk management, not for leverage or inverse exposure; 2) The fund is physically replicated with direct equity investments; 3) The risk profile (rated 6/7) is transparent and aligns with typical equity fund risks; 4) The derivative usage appears to be for efficient portfolio management rather than creating complex exposure. While the KIID mentions FDIs and potential market leverage, there's no indication of synthetic replication, leverage above 1:1, or inverse strategies. The counterparty risk is disclosed but appears manageable within a UCITS framework. The quantitative models and ESG screening add complexity but don't trigger MiFID II's complexity classification. The fund's active management and deviation from the MSCI Europe Index don't inherently make it complex under MiFID II rules.",
    "confidence": 85
}