{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of equity index",
        "No leverage or inverse exposure",
        "No complex derivatives or swaps"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Water UCITS ETF is a physically replicated ETF that invests directly in equity securities of companies in the global water industry. The KIID and PRIIPs documents confirm that the fund aims to replicate the S&P Global Water Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swaps, or derivative instruments being used for investment purposes. The fund does mention the potential use of financial derivative instruments (FDIs) to help achieve the investment objective, but this is likely for efficient portfolio management (EPM) purposes such as hedging or reducing transaction costs, which does not trigger complexity under MiFID II. The fund also engages in short-term secured lending of its investments, but this is a common practice among ETFs and does not indicate complexity. The risk profile is rated 6 out of 7, which is relatively high, but this is due to the nature of equity investments and not due to the fund's structure or use of derivatives. The fund is UCITS-compliant, which further supports its non-complex classification.",
    "confidence": 95
}