{
    "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 MSCI Global Semiconductors UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1) Physical replication method: The KIID explicitly states the fund aims to 'invest so far as possible and practicable in the equity securities that make up the Index,' with no mention of synthetic replication or swap agreements. 2) Minimal derivative usage: While the KIID mentions FDIs (financial derivative instruments) may be used for direct investment purposes, it specifies this usage is expected to be limited. The PRIIPs KID confirms the product structure is 'Physical.' 3) No leverage or inverse exposure: There are no references to leveraged, inverse, or amplified returns in any of the documents. 4) Straightforward investment strategy: The fund tracks a standard equity index with ESG screening, and the risk profile (level 7) is consistent with equity investments. 5) UCITS compliance: The fund is UCITS-compliant, which inherently limits complexity. 6) Transparent holdings: The factsheet shows direct holdings in 255 equities with no complex underlying assets. The only potential complexity factor is the use of ADRs/GDRs for emerging market exposure, but this is standard practice and doesn't trigger complexity under MiFID II. The absence of swap counterparty risk, capital protection features, or structured products confirms the non-complex classification.",
    "confidence": 95
}