{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Healthcare Innovation UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the STOXX Global Breakthrough Healthcare Index by investing primarily in equity securities that make up the index. The fund uses an optimised physical replication method, investing directly in underlying equities rather than synthetic replication or swap-based structures. There is no indication of leverage, inverse exposure, or use of funded or unfunded swaps. Derivative instruments (FDIs) may be used only for direct investment purposes or risk management, but not as an inherent element of the investment strategy, thus derivatives are marked false. The risk profile is medium-high (risk level 5-6), reflecting sector concentration and emerging market exposure, but this does not imply complexity under MiFID II. The fund does not have capital protection features, structured products, or contingent bonds. Counterparty risk disclosures relate to standard custodial and operational risks, not to swap counterparties. Costs are straightforward with a TER of 0.40%, no performance fees, and no complex fee structures. Securities lending is conducted with revenue sharing but does not increase costs. The index tracked is a thematic equity index with a clear methodology and no complex derivatives embedded. The monthly factsheet confirms physical replication and no use of swaps or leverage. There are no references to roll costs, contango, or backwardation effects. Overall, the fund\u2019s structure and investment approach are transparent and straightforward, supporting a non-complex classification under MiFID II."
}