{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Copper Miners UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Copper Miners UCITS ETF aims to track the STOXX Global Copper Miners Index by physically holding the equity securities that make up the index in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm the fund is UCITS compliant and does not employ synthetic replication or swap agreements. The fund may use financial derivatives only for direct investment purposes to help achieve the investment objective, but this is not an inherent element of the strategy, so derivatives are marked false. There is no mention of leverage, inverse exposure, or capital protection mechanisms. The risk indicator is 5 out of 7, reflecting medium-high risk due to sector concentration and commodity price volatility, but not complexity. The fund engages in short-term securities lending, but this does not increase complexity. The monthly factsheet confirms physical replication, no use of swaps, and no leverage. The underlying assets are equities of copper mining companies, which are liquid and transparent. No complex structured products or contingent convertible bonds are held. There are no complex fee structures beyond a standard TER of 0.55%. No complexity flags such as capital protection, barrier options, or contingent return formulas are present. Overall, the fund exhibits a straightforward index-tracking strategy with physical holdings and minimal derivative use, leading to a non-complex classification under MiFID II."
}