{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares NASDAQ US Biotechnology UCITS",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares NASDAQ US Biotechnology UCITS ETF aims to track the NASDAQ Biotechnology Index by investing primarily in the equity securities that constitute the index, using physical replication. The KIID and PRIIPs KID documents confirm that the Fund holds the underlying equities directly and does not employ synthetic replication or swap agreements. The Fund may use financial derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivative use is minimal and risk-mitigating rather than complexity-driving. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is medium-high (5 out of 7), reflecting sector concentration and equity market risk, but not complexity from structure or instruments. The monthly factsheet confirms physical replication, no mention of swaps or synthetic structures, and a straightforward equity portfolio of 266 holdings in biotechnology and pharmaceutical companies. Costs are simple with a TER of 0.35%, no performance fees, and no complex fee structures. Counterparty risk disclosures relate to normal custodial and securities lending counterparties, not to swap counterparties. There are no complex underlying assets such as contingent convertible bonds or CLOs. Overall, the Fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex derivatives, or capital protection features. Therefore, it is classified as non-complex."
}