{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Conservative 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 indication of leverage, inverse exposure, or use of funded or unfunded swaps. The Fund may use derivatives only for risk reduction, cost efficiency, or income generation, which does not trigger complexity under MiFID II. The risk profile is low to moderate (risk level 2-3 out of 7), consistent with a conservative multi-asset portfolio. The underlying assets are primarily liquid UCITS ETFs and funds investing in government and corporate bonds, equities, and money market instruments, with no complex structured products or contingent convertible bonds. The costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. Counterparty risk is disclosed but limited to normal custodial and securities lending counterparties, with no significant counterparty exposure from swaps or derivatives. The PRIIPs KID confirms a low risk classification (2/7) and no comprehension warnings or complexity flags. The monthly factsheet confirms holdings in standard UCITS ETFs and bonds, with no synthetic or leveraged instruments. Overall, the Fund\u2019s structure, investment strategy, and risk profile align with a non-complex classification under MiFID II."
}