{
    "fund_name": "iShares MSCI EM Islamic UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Shariah-compliant screening)",
        "Emerging Markets exposure (higher risk profile)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Emerging Markets Islamic Index, which consists of Shariah-compliant equities. While the index screening process is complex, the ETF itself does not use derivatives, leverage, or synthetic replication. The primary complexity factors are the emerging markets exposure and the Shariah compliance screening, but these do not trigger MiFID II complexity classification. The fund is UCITS-compliant and has a straightforward structure with no leverage or inverse exposure. The risk profile is clearly disclosed as medium to high, typical for emerging markets equities.",
    "confidence": 90,
    "counter_argument": "Some might argue that the Shariah compliance screening adds complexity, but under MiFID II, this does not meet the threshold for complexity classification. The fund's physical replication and lack of derivative usage are decisive factors in this assessment."
}