{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares AEX UCITS ETF aims to replicate the AEX Index by holding the underlying equity securities directly in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm the fund invests in the 25 largest Dutch companies by market cap, with no mention of synthetic replication, swap agreements, or derivative-based replication. While the fund may use financial derivative instruments (FDIs) for investment purposes, this is limited and not inherent to the strategy, thus derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk concentration, not complexity). The fund is UCITS compliant, with a straightforward index-tracking objective, investing directly in liquid, transparent equity securities. No capital protection or structured features are present. Costs are simple with a TER of 0.30%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and direct investment in equities, with no use of swaps or complex underlying assets. No complexity flags such as contingent bonds, leverage, or significant counterparty risk are identified. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}