{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global Timber & Forestry UCITS ETF USD (Dist)",
    "investment_objective": "To achieve a return reflecting the S&P Global Timber & Forestry Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (developed and emerging markets)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the S&P Global Timber & Forestry Index by holding the underlying equity securities in similar proportions (physical replication). The KIID and PRIIPs KID confirm that the use of financial derivative instruments (FDIs) is limited and primarily for investment purposes, not as an inherent element of the strategy, thus derivatives are not considered a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (5 out of 7) reflecting equity market risks and sector concentration, but not complexity from structure or instruments. The fund invests directly in liquid, transparent equity securities of timber and forestry companies and timber REITs, with no complex underlying assets such as contingent convertible bonds or CLOs. The ongoing charges are straightforward with no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs and is not a complexity factor. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and is UCITS compliant, supporting a non-complex classification under MiFID II."
}