{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares US Equity Enhanced Active UCITS ETF is an actively managed UCITS ETF domiciled in Ireland, primarily investing in US equity securities with at least 70% exposure to equities. The fund uses quantitative models for stock selection and may invest in fixed income and money market instruments, but these are investment grade and straightforward. The KIID and PRIIPs KID documents indicate that while the fund may use financial derivative instruments (FDIs) for investment purposes and risk management, this use is not inherent to the strategy but rather ancillary to achieve the investment objective or reduce risk/costs. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The replication method is physical, investing directly in underlying securities, as supported by the monthly factsheet showing a portfolio of 252 holdings with top equity names listed. There is no leverage or inverse exposure; the fund may generate varying amounts of market leverage via FDIs but this is not a structural leverage ratio above 1:1. The risk profile is medium-high (5 out of 7), consistent with equity market risk, but no complexity flags such as capital protection, contingent bonds, or structured products are present. Counterparty risk is disclosed as a standard risk related to safekeeping and derivative counterparties but not significant enough to classify the fund as complex. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees explicitly stated. No complexity warnings or comprehension warnings appear in the PRIIPs KID. The fund tracks a well-known index (MSCI USA) but is actively managed and not bound by the index composition, which does not add complexity. Overall, the fund exhibits characteristics of a non-complex ETF under MiFID II criteria."
}