{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares World Equity Enhanced Active UCITS ETF is an actively managed equity fund with a primary focus on global developed market equities, investing at least 70% in equity securities. The KIID and PRIIPs documents confirm the fund uses physical securities for replication rather than synthetic replication or swap-based structures. Although the fund may use financial derivative instruments (FDIs) for investment purposes, risk reduction, cost efficiency, or generating additional income, these are not inherent to the investment strategy and do not constitute synthetic replication or funded/unfunded swaps. There is no mention of swap agreements, total return swaps, or counterparty exposure related to derivatives as a core part of the strategy. The fund does not employ leverage, inverse, or amplified return strategies, and the risk indicator in the PRIIPs KID rates the fund at 4 out of 7 (medium risk), which is consistent with a non-complex equity fund. The portfolio holdings are diversified across 533 equity securities, with no indication of complex underlying assets such as contingent convertible bonds or CLOs. The ongoing charges are straightforward with no performance fees or complex fee structures. Securities lending is conducted with revenue sharing but does not increase costs. The monthly factsheet confirms no use of swaps or synthetic replication and no leverage. The fund is UCITS compliant, which imposes regulatory limits on complexity and leverage. Overall, the fund exhibits a clear, linear relationship to underlying equity performance, uses physical replication, and has minimal derivative exposure used only for risk management, leading to a non-complex classification under MiFID II."
}