{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares USD Sukuk UCITS ETF aims to track the J.P. Morgan EM Aggregate Sukuk Index by investing directly in US Dollar denominated emerging market Sukuk instruments. The KIID and PRIIPs KID clearly state the Fund uses optimisation techniques but does not mention synthetic replication, swap agreements, or derivative instruments as part of its core strategy. The replication method is physical, investing in underlying Sukuk securities consistent with Shari\u2019ah principles. There is no indication of leverage, inverse exposure, or capital protection features. The risk profile is low (risk level 2-3), consistent with direct investment in fixed income securities. The Fund is UCITS compliant, with no performance fees or complex fee structures beyond a standard ongoing charge of 0.40%. Counterparty risk is mentioned only in the context of safekeeping and operational risks, not from derivative counterparties. No references to swaps, total return swaps, or derivative counterparty risk are found. The Fund invests in relatively liquid Sukuk instruments with minimum issuance sizes and maturity requirements, reducing complexity. The PRIIPs KID does not include any comprehension warnings or complexity flags. The absence of leverage, derivatives as an inherent strategy element, or complex structured products leads to a non-complex classification under MiFID II. The Fund\u2019s strategy is straightforward index tracking via physical holdings of Sukuk bonds, with a clear linear relationship to the underlying index performance."
}