{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Smart City Infrastructure UCITS ETF is a UCITS-compliant equity ETF that aims to track the STOXX Global Smart City Infrastructure Index through physical replication. The KIID and PRIIPs KID documents confirm that the Fund invests directly in equity securities that make up the index or similar securities via optimisation techniques, but do not indicate the use of synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. The monthly factsheet explicitly states the product structure as 'Physical' and does not indicate leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to sector concentration), consistent with direct equity exposure rather than complexity from derivatives or leverage. Costs are straightforward with a TER of 0.40%, no performance fees, and no swap or derivative fees disclosed. The Fund uses FDIs only potentially for direct investment purposes and not as a core synthetic replication method, so derivatives are considered non-complex in this context. No complex underlying assets such as contingent convertible bonds or CLOs are held. The index tracked is thematic but composed of liquid equity securities, not complex structured products. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}