{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX USA Equity Multifactor",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Multi-factor index optimization, use of FDIs for efficient portfolio management, securities lending",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF physically replicating the STOXX US Equity Factor Screened index using an optimisation technique to select securities representative of the index factors. The KIID and PRIIPs KID confirm the Fund invests primarily in equity securities with no mention of synthetic replication or swap agreements. The Fund may use financial derivative instruments (FDIs) for direct investment purposes, but this is for efficient portfolio management rather than inherent strategy leverage or synthetic replication, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk rating is 5 out of 7, reflecting medium-high market risk typical of equity multifactor strategies, but not complexity from derivatives or leverage. The Fund engages in short-term securities lending to offset costs, which is disclosed but does not increase complexity classification. The monthly factsheet confirms physical product structure and no use of swaps or synthetic replication. The index tracked is a multi-factor optimized equity index, which adds some complexity in terms of factor exposure and optimisation but does not trigger MiFID II complexity classification by itself. No capital protection or structured features are present. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees disclosed. Counterparty risk is mentioned in relation to safekeeping and derivatives counterparties but is standard and not significant enough to classify as complex. Overall, the Fund\u2019s structure, replication, and risk profile align with a non-complex classification under MiFID II rules."
}