{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Global Aerospace & Defence UCITS ETF aims to replicate the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index by holding the underlying equity securities in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm the fund is a UCITS ETF with a straightforward passive investment strategy focused on equities in the aerospace and defense sector. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. Derivatives may be used only for direct investment purposes or FX hedging, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (5 out of 7), consistent with sector concentration and equity market risk, but not indicative of structural complexity. The monthly factsheet confirms physical replication methodology, no use of swaps or synthetic structures, and no leverage. Costs are straightforward with a TER of 0.35%, no performance fees, and some securities lending revenue sharing, which is common and not a complexity driver. No complex underlying assets such as contingent convertible bonds or CLOs are held. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no embedded structural complexity. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}