{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares AEX UCITS ETF aims to replicate the AEX Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm the fund invests directly in 25 large Dutch companies' equities, with no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only for investment purposes, but this is limited and not inherent to the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk indicator is medium (4 out of 7) in PRIIPs KID but 6 in KIID, reflecting equity market risk rather than complexity. The fund is UCITS compliant, with a simple fee structure (0.30% TER), no performance fees, and no capital protection or structured features. The monthly factsheet confirms physical replication, direct investment in underlying securities, and no use of swaps or complex derivatives. Counterparty risk is limited to custodial and securities lending counterparties, which is typical and not a complexity driver. No complex underlying assets such as contingent convertible bonds or CLOs are held. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}