{
    "fund_name": "iShares NASDAQ US Biotechnology UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a straightforward equity index",
        "No leverage or inverse exposure",
        "No complex underlying assets"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the NASDAQ Biotechnology Index, which consists of liquid, transparent equity securities. There is no mention of synthetic replication, swaps, or leverage. The fund's risk profile is rated 6 (medium risk), which is typical for equity ETFs. The underlying index is a standard market-cap-weighted equity index with no complex features. The ETF's use of derivatives is limited to potential short-term secured lending for income generation, which is a common practice and does not trigger complexity under MiFID II. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}