{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Moderate Portfolio UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF that is actively managed without a benchmark, investing predominantly in other UCITS funds and ETFs that meet ESG criteria. The replication method is physical, as the Fund invests directly in underlying funds and securities rather than using synthetic replication or swap agreements. There is no mention of synthetic replication, total return swaps, or counterparty exposure related to derivatives as an inherent part of the strategy. Derivatives are used only for risk reduction, currency hedging (FX forwards), and cost management, which does not trigger complexity under MiFID II. The Fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex structured products or contingent convertible bonds. The risk profile is moderate (risk level 3-4 out of 7), consistent with a non-complex multi-asset portfolio. Costs are straightforward with a simple TER of 0.25%, no performance fees, and no swap or derivative fees disclosed. The PRIIPs KID confirms no complexity warnings or comprehension warnings. The monthly factsheet confirms the Fund holds a diversified portfolio of UCITS ETFs and mutual funds with no synthetic or swap-based replication. Overall, the Fund\u2019s structure, investment strategy, and risk profile align with a non-complex classification under MiFID II."
}