{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core FTSE 100 UCITS ETF GBP (Acc) is a physically replicated ETF that tracks the FTSE 100 Index. The KIID and PRIIPs documents confirm that the fund uses physical replication, investing directly in the equity securities of the index constituents. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs document explicitly states the product structure is 'Physical,' indicating no synthetic replication or swap-based strategies. The fund does not employ leverage, inverse strategies, or complex structured products. The risk profile is rated 6 (moderate), and the fund's investment strategy is straightforward, focusing on large-cap UK equities. There are no indications of capital protection mechanisms, contingent convertible bonds, or other complex features. The fund's use of derivatives, if any, appears limited to efficient portfolio management (e.g., hedging or reducing transaction costs), which does not trigger MiFID II complexity. The underlying assets are liquid, transparent, and easily understood by retail investors. The fund's structure, transparency, and lack of complex features align with typical non-complex ETFs under MiFID II.",
    "confidence": 95
}