{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Clean Energy UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1. Physical Replication: The fund explicitly states it aims to replicate the S&P Global Clean Energy Index by holding the equity securities in similar proportions, indicating physical replication. 2. No Leverage or Inverse Exposure: There is no mention of leverage, inverse strategies, or amplified returns in the KIID or PRIIPs documents. 3. Minimal Derivative Usage: While the fund mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the fact sheet confirms the fund uses physical replication and does not rely on swaps or synthetic replication. The reference to CFDs in the fact sheet pertains to a small portion of holdings (not the core strategy) and does not trigger complexity under MiFID II. 4. Transparent Underlying Assets: The fund invests in liquid, publicly traded equities of clean energy companies, which are easily understandable by retail investors. 5. Risk Profile: The fund's risk rating (7) is consistent with equity investments and does not indicate excessive complexity. 6. UCITS Compliance: The fund is UCITS-compliant, which inherently limits the use of complex strategies. 7. No Capital Protection or Structured Features: There are no guarantees, principal protection, or structured return features. The only derivative-related activity is securities lending (for income generation), which is standard practice and does not trigger complexity. The fact sheet confirms the fund holds 99 individual equities, further supporting its straightforward structure. The absence of swap counterparty risk, leverage, or synthetic replication confirms the non-complex classification.",
    "confidence": 95
}