{
    "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 hedging and risk management only",
    "classification": "non-complex",
    "supporting_data": "The iShares World Equity Enhanced Active UCITS ETF is a UCITS-compliant ETF that primarily invests in equity securities of global developed markets, with at least 70% exposure to equities. The fund is actively managed using quantitative models and may invest in fixed income and money market instruments as appropriate. The KIID and PRIIPs KID documents indicate that derivatives are used for investment purposes and currency hedging, but there is no indication of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk indicator in the KIID is 6, reflecting the equity market risk and active management, but the PRIIPs KID risk indicator is 4, a medium risk level, with no mention of significant counterparty risk or complex derivative usage. The monthly factsheet confirms physical replication with direct holdings in a broad portfolio of equities (584 holdings) and no mention of swap usage or synthetic replication. The fund uses FX forwards for currency hedging, which is a standard risk management derivative use and does not trigger complexity classification. Costs are straightforward with a TER of 0.30%, no performance fees, and some securities lending revenue sharing, which is common and not a complexity factor. There are no capital protection or structured product features. Overall, the fund\u2019s use of derivatives is limited to hedging and risk management, not as an inherent part of the investment strategy, and there is no leverage or synthetic replication. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}