{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA Mid-Cap Equal Weight",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the MSCI USA Mid-Cap Equal Weighted Index by investing directly in the equity securities that make up the benchmark index. The fund uses an optimised physical replication method, as confirmed by the factsheet stating 'Product Structure: Physical' and the KIID's description of investing in underlying equities. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. While the fund may use financial derivative instruments (FDIs) for direct investment purposes or risk management, the documents clarify that such use is not inherent to the strategy and derivative exposure is minimal. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (5 out of 7), consistent with equity market risk and factor exposure, but not indicative of complexity due to derivatives or leverage. The fund engages in securities lending, but this does not increase complexity under MiFID II. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The underlying assets are liquid US mid-cap equities, with no complex structured products or contingent bonds. Counterparty risk disclosures relate mainly to custodial and securities lending counterparties, typical for physical ETFs. No PRIIPs comprehension warnings or complexity flags are present. Therefore, the ETF is classified as non-complex under MiFID II."
}