{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Timber & Forestry UCITS ETF is physically replicated, uses derivatives only for efficient portfolio management (EPM), and does not employ leverage, swaps, or inverse strategies. The underlying assets are straightforward equity securities in the timber and forestry sector, and the fund follows a transparent, passive index-tracking strategy. The KIID explicitly states that derivative usage is expected to be limited, and there are no indications of complex structures such as contingent bonds, synthetic replication, or capital protection mechanisms. The risk profile (rated 6) is primarily driven by sector concentration and equity market risks, which are typical for thematic ETFs and do not inherently indicate complexity under MiFID II. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95
}