{
    "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 iShares Conservative Portfolio UCITS ETF is an actively managed multi-asset UCITS ETF that predominantly invests in other UCITS funds and ETFs, with at least 80% of assets invested in funds meeting ESG criteria. The fund uses physical investments in underlying funds and securities rather than synthetic replication. The KIID and PRIIPs documents confirm that derivatives are used only for risk reduction, currency hedging (via FX forwards), and cost management, not as an inherent part of the investment strategy. There is no mention of swap agreements, total return swaps, or unfunded/funded swap structures. 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 low (rated 2-3 out of 7), consistent with a conservative risk target. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The monthly factsheet confirms the portfolio is composed mainly of physical holdings in fixed income and equity ETFs and funds, with no indication of synthetic replication or complex derivatives. Counterparty risk disclosures relate only to standard custodial and derivative counterparties for hedging, not to synthetic replication. There are no capital protection or structured features. Overall, the fund exhibits a clear, linear relationship to underlying assets, with minimal derivative use for hedging only, no leverage, and no complex underlying assets. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}