{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Europe Equity Enhanced Active UCITS ETF EUR (Acc)",
    "investment_objective": "Actively managed fund aiming for long-term capital growth, investing primarily in European equities with up to 30% in fixed income and money market instruments.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF investing primarily in physical equity securities domiciled or listed in Europe, with some allocation to investment grade fixed income and money market instruments. The KIID and PRIIPs KID explicitly state that the Fund may use financial derivative instruments (FDIs) for investment purposes and/or risk reduction, but this is ancillary and not a core synthetic replication strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or unfunded/funded swap structures. The Fund does not employ leverage or inverse strategies, and the risk indicator in the KIID is 6 (medium-high risk) due to equity market exposure and active management, but not due to structural complexity. The monthly factsheet confirms a broad portfolio of 259 holdings, mainly equities, with no indication of complex underlying assets such as contingent convertible bonds or CLOs. The Fund uses quantitative models for stock selection but does not track a complex index or use derivatives as a primary investment tool. Costs are straightforward with no performance fees or swap fees. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but is not significant or indicative of synthetic replication. No capital protection or structured features are present. Overall, the Fund\u2019s structure and investment approach align with a non-complex classification under MiFID II, as it uses physical replication and derivatives only for ancillary purposes, with no leverage or synthetic exposure."
}