{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Optimised Index Methodology with multi-factor exposure",
    "classification": "non-complex",
    "supporting_data": "The iShares STOXX Europe Equity Multifactor UCITS ETF is a UCITS-compliant ETF that physically invests in equity securities constituting the STOXX Developed Europe Equity Factor Screened Index. The fund uses an optimised index methodology to select and weight securities based on five style factors (Momentum, Quality, Value, Low Volatility, Size), but does not employ synthetic replication or swap agreements. The KIID and PRIIPs KID explicitly state the use of physical replication and direct investment in underlying equities, with no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. While the fund may use financial derivative instruments (FDIs) for direct investment purposes or risk management, these are not a core element of the strategy and derivative usage is minimal and incidental, thus derivatives are marked false. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and factor concentration, not complexity). The fund engages in short-term securities lending to offset costs, but this does not increase complexity under MiFID II. The cost structure is straightforward with a TER of 0.25%, no performance fees, and no swap or derivative fees. The underlying assets are liquid, transparent large and mid-cap European equities. No complex structured products or contingent bonds are held. The multi-factor index methodology introduces some complexity in index construction but does not elevate the fund to MiFID II complex status. There are no references to roll costs, contango, backwardation, or other derivative-related complexities. Therefore, the fund is classified as non-complex under MiFID II."
}