{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Blockchain Technology UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Blockchain Technology UCITS ETF aims to replicate the NYSE FactSet Global Blockchain Technologies Capped Index by investing primarily in the equity securities that constitute the index. The KIID and PRIIPs KID explicitly state that the Fund intends to replicate the benchmark index by holding equity securities in similar proportions, indicating physical replication. Although the Fund may use financial derivative instruments (FDIs), including FX contracts, these are used for direct investment purposes or risk management rather than as an inherent part of the investment strategy, so derivative use is not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. The monthly factsheet confirms the replication method as 'Replicated' and the portfolio consists of 35 equity holdings, with no indication of complex underlying assets such as contingent convertible bonds or CLOs. The Fund has no leverage, inverse or amplified exposure. The risk profile is high (6 out of 7) due to the volatility and sector concentration inherent in blockchain technology equities, not due to structural complexity. Costs are straightforward with a TER of 0.50%, no performance fees, and no complex fee structures. Securities lending is conducted but revenue sharing does not increase costs. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags beyond the high risk rating typical for sector-focused equity ETFs. Therefore, under MiFID II criteria, this ETF is classified as non-complex because it uses physical replication, invests directly in liquid equity securities, has minimal derivative exposure used only for risk management, no leverage, no swaps, and no complex underlying assets."
}