{
    "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 Infrastructure UCITS ETF aims to replicate the STOXX Global AI Infrastructure Index by physically holding the equity securities that make up the index in similar proportions, as explicitly stated in the KIID and factsheet. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. The Fund may use derivatives only for efficient portfolio management or risk mitigation, which does not trigger complexity under MiFID II. The Fund is UCITS compliant, with a straightforward equity investment objective focused on AI infrastructure companies globally. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (risk level 5-6), reflecting equity market risks and sector concentration, but not complexity from derivatives or structured products. The factsheet confirms physical replication and no use of swaps or synthetic structures. Costs are simple, with a TER of 0.35%, no performance fees, and no complex fee structures. Counterparty risk disclosures relate to standard custody and securities lending arrangements, not derivative counterparty risk. No complexity flags such as contingent bonds, leverage, or structured features are present. Therefore, the ETF is classified as non-complex under MiFID II."
}