{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares AI Innovation Active UCITS ETF is an actively managed equity fund investing primarily in global equities of companies involved in AI technology. The KIID and PRIIPs KID documents confirm the fund is UCITS compliant and uses physical equity securities, including ADRs and GDRs, to gain exposure. There is no mention of synthetic replication, swap agreements, or derivative instruments used as a core part of the investment strategy. While the fund may use financial derivatives for investment purposes or risk reduction, the documents clarify that such use is not inherent to the strategy and does not generate significant leverage. The fund does not employ leverage above 1:1, inverse or leveraged exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7), reflecting equity market risks and sector concentration, but not complexity from derivatives or structured features. The fund engages in securities lending, but this is disclosed transparently and does not add complexity. The monthly factsheet confirms the portfolio consists of 37 equity holdings with no indication of synthetic replication or swap usage. No capital protection or structured features are present. Costs are straightforward with a TER of 0.73% and no performance fees. There is no PRIIPs comprehension warning indicating complexity. Therefore, under MiFID II criteria, the fund is classified as non-complex."
}