{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Smart City Infrastructure UCITS ETF",
    "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 STOXX Global Smart City Infrastructure Index by investing primarily in equity securities that make up the index. The fund uses physical replication with optimising techniques, including strategic selection of securities, but there is no indication of synthetic replication or use of swap agreements. The KIID and PRIIPs KID documents explicitly mention the use of physical replication and do not reference any funded or unfunded swaps, total return swaps, or derivative instruments as part of the core investment strategy. While the fund may use financial derivative instruments (FDIs) for direct investment purposes or risk management, this is not an inherent element of the strategy and does not constitute synthetic replication. 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 risk scale but consistent with equity risk), reflecting typical equity market risks and sector concentration, but no complexity flags such as high leverage or structured products. The fund invests in liquid, transparent equity securities across developed and emerging markets, with no holdings in complex structured products or contingent convertible bonds. The costs are straightforward with a TER of 0.40%, no performance fees, and no swap or derivative fees disclosed. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no complexity warnings or comprehension warnings in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}