{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares NASDAQ 100 UCITS ETF (EUR Hedged) is classified as non-complex under MiFID II for the following reasons: 1. Physical Replication: The fund primarily uses physical replication to track the NASDAQ-100 Index, holding the underlying equity securities in similar proportions. 2. Limited Derivative Use: While derivatives (including FX forward contracts) are used for currency hedging, this is a standard practice for hedged ETFs and does not introduce significant complexity or additional risk. The derivatives are used for efficient portfolio management, not for leverage or speculative purposes. 3. Transparent and Liquid Underlying Assets: The fund invests in large, liquid US equities, which are easily understood by retail investors. 4. No Leverage or Inverse Exposure: The fund does not employ leverage or inverse strategies. 5. UCITS Compliance: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives. 6. Risk Profile: The fund's risk profile is rated as medium, and the risks are clearly disclosed in the KIID. The use of derivatives for hedging is explicitly mentioned and does not materially alter the fund's risk profile. 7. No Capital Protection or Structured Features: The fund does not include capital protection mechanisms or structured features that would increase complexity. 8. Adequate Public Information: The fund provides clear and comprehensive information about its investment strategy, risks, and costs, making it suitable for retail investors.",
    "confidence": 95
}