{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global Timber & Forestry UCITS ETF USD (Acc)",
    "investment_objective": "To achieve a return reflecting the S&P Global Timber & Forestry Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (developed and emerging markets)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that physically replicates the S&P Global Timber & Forestry Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents explicitly state the Fund aims to invest directly in the equity securities of the index constituents, with only limited and expectedly minimal use of financial derivative instruments (FDIs) for investment purposes, not for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or synthetic replication structures. The monthly factsheet confirms physical replication with 30 holdings primarily in timber and forestry-related equities and timber REITs. The Fund does engage in short-term securities lending, but this does not increase complexity under MiFID II. There is no leverage, inverse exposure, or capital protection features. The risk rating is medium-high (5/7) reflecting equity market risk and sector concentration, not structural complexity. Counterparty risk is disclosed but limited to custodial and securities lending counterparties, typical for physical ETFs. Costs are straightforward with a TER of 0.65%, no performance fees, and no complex fee structures. No complex underlying assets such as contingent convertible bonds or CLOs are held. The index tracked is a standard market-cap weighted equity index with ESG exclusions, not a complex or structured index. No PRIIPs comprehension warnings or complexity flags are present. Overall, the ETF exhibits a clear, linear, physical replication strategy with minimal derivative use for risk management, no leverage, and transparent holdings, leading to a non-complex classification under MiFID II."
}