{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares NASDAQ US Biotechnology UCITS ETF aims to replicate the NASDAQ Biotechnology Index by physically holding the underlying equity securities in similar proportions, as explicitly stated in the KIID and confirmed by the factsheet which notes 'Product Structure: Physical'. There is no mention of synthetic replication, swap agreements, or total return swaps in any of the documents. The Fund may use financial derivatives only for risk management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk profile is medium-high (5 out of 7), reflecting sector concentration and equity market risk, but not complexity from derivatives or leverage. The Fund is UCITS compliant, with a straightforward index-tracking objective investing directly in liquid, transparent equity securities. Costs are simple with a TER of 0.35%, no performance fees, and no complex fee structures. No capital protection or structured features are present. Counterparty risk disclosures relate to normal custodial and securities lending counterparties, not to swap counterparties. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms no use of swaps or synthetic replication. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}