{
    "fund_name": "iShares Nasdaq 100 Top 30 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of Nasdaq-100 Top 30 UCITS Index",
        "No leverage or inverse exposure",
        "No capital protection mechanisms",
        "No complex underlying assets",
        "No significant counterparty risk exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Nasdaq-100 Top 30 UCITS Index, which consists of the 30 largest companies in the Nasdaq-100 Index. The fund invests directly in the equity securities of these companies, with no use of derivatives for investment purposes beyond potential FX hedging (which is standard for UCITS ETFs). The KIID and fact sheet confirm the fund's straightforward, transparent structure with no leverage, inverse exposure, or complex features. The risk profile is rated 6/7, but this is typical for equity ETFs and does not indicate complexity under MiFID II. The fund's use of derivatives is limited to FX hedging, which is common and does not trigger complexity classification. The fact sheet explicitly states 'Product Structure: Physical', reinforcing the non-complex nature of the fund.",
    "confidence": 95
}