{
    "fund_name": "iShares Digitalisation UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Optimised replication techniques",
        "Potential for derivative usage (though not confirmed in documents)",
        "Technology sector concentration risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with optimised techniques, which may include limited derivative usage for efficient portfolio management. There is no evidence of synthetic replication, leverage, or inverse strategies. The underlying index (STOXX Global Digitalisation Index) tracks equities in the digitalisation sector, which are relatively straightforward and transparent. The risk profile is rated 7/7, but this appears to reflect sector concentration rather than structural complexity. The ETF is UCITS-compliant, which typically aligns with non-complex classification under MiFID II. The fact sheet confirms physical replication and no swap usage, further supporting the non-complex classification.",
    "confidence": 90
}