{
    "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 Adopters & Applications UCITS ETF aims to replicate the STOXX Global AI Adopters and Applications Index by physically holding the equity securities that make up the index in similar proportions. The KIID and PRIIPs KID explicitly state the Fund uses physical replication and direct investment in equities, with no mention of synthetic replication, swap agreements, or total return swaps. The Fund may use derivatives only for investment purposes, but this is not an inherent element of the strategy and no swap usage or counterparty risk is highlighted as significant. There is no leverage, inverse or amplified exposure, and no capital protection or structured features. The risk profile is medium-high (5 out of 7), consistent with equity market risk and sector concentration, but not indicative of complexity under MiFID II. Costs are straightforward with a TER of 0.35%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication, no use of swaps or synthetic instruments, and a portfolio of 84 equity holdings across global sectors focused on AI adopters. No references to complex underlying assets such as contingent convertible bonds or CLOs are found. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and does not employ leverage or synthetic replication, leading to a non-complex classification."
}