{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Infrastructure UCITS ETF is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The fund uses physical replication, as stated in the KIID ('The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it'). The fact sheet confirms this with 'Methodology: Replicated'.2. **Derivative Usage**: While the KIID mentions the possibility of using financial derivative instruments (FDIs), it specifies this is for 'direct investment purposes' and does not indicate synthetic replication or swap usage. The fact sheet does not mention any swap or derivative exposure, reinforcing that derivatives are not a material part of the strategy.3. **Leverage and Inverse Exposure**: There is no mention of leverage, inverse exposure, or amplified returns in any of the documents. The fund's performance is directly tied to the FTSE Global Core Infrastructure Index without any multiplicative factors.4. **Underlying Asset Complexity**: The fund invests in equity securities of infrastructure companies, which are relatively straightforward and liquid. The index methodology is transparent and based on market capitalisation-weighted equities.5. **Risk Profile**: The risk rating is 6/7, which is moderate but not indicative of complexity. The primary risks are sector concentration and equity market volatility, which are typical for equity ETFs and easily understandable by retail investors.6. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives to those that are transparent and suitable for retail investors.7. **Counterparty Risk**: The KIID mentions counterparty risk, but this is standard for any fund that uses third-party services (e.g., custodians or derivatives counterparties). It does not indicate significant exposure to counterparty risk beyond typical market practices.8. **Securities Lending**: The fund engages in short-term secured lending of its investments, but this is a common practice among ETFs and does not introduce complexity. The revenue from securities lending is shared between the fund and BlackRock, but this does not alter the fund's risk profile.**Conclusion**: The fund is non-complex because it uses physical replication, has no leverage or inverse exposure, invests in straightforward equities, and is UCITS-compliant. The mention of derivatives in the KIID is not sufficient to classify it as complex, as it is likely for efficient portfolio management and not a core part of the strategy. The risk profile is moderate and easily understandable by retail investors.",
    "confidence": 95
}