{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Active management with quantitative models, use of derivatives for risk management and currency hedging, ESG screening, counterparty risk",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF actively managed by BlackRock, investing primarily in US equities with some fixed income and money market instruments. The KIID and PRIIPs KID documents indicate the Fund uses derivatives mainly for investment purposes and risk management, including FX forwards for currency hedging, but do not describe synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure beyond standard counterparty risk disclosures typical for derivative usage in risk management. The Fund does not employ leverage or inverse strategies, and the risk indicator is moderate (4 out of 7 in PRIIPs KID, 6 in KIID but reflecting equity risk rather than complexity). The Fund uses physical replication of underlying securities, with active discretion not bound by the index composition. Costs are straightforward with no performance fees or swap fees. The Fund\u2019s complexity arises from active management and derivative use for hedging rather than inherent synthetic replication or leverage. No capital protection or structured features are present. The Fund\u2019s risk disclosures include counterparty risk and securities lending revenue sharing, but these are standard and do not elevate complexity classification. The monthly factsheet (URL provided) does not indicate use of swaps or synthetic replication. Therefore, under MiFID II criteria, the Fund is classified as non-complex."
}