{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares STOXX USA Equity Multifactor",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Optimised index with multi-factor exposure",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF physically replicating an optimised multi-factor equity index (STOXX US Equity Factor Screened). The KIID and PRIIPs KID confirm the Fund invests directly in equity securities, using optimisation techniques to select securities representative of the index factors, but does not employ synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the strategy. Derivatives may be used only for direct investment purposes or risk management, not as a core replication method. The Fund does not use leverage, inverse or amplified exposure. The risk profile is medium-high (5/7) reflecting equity market risk and factor concentration, but not complexity from derivatives or leverage. The monthly factsheet confirms physical replication and no synthetic or swap-based structure. Securities lending is used but does not increase complexity classification. No capital protection or structured features are present. The index methodology involves optimisation and factor exposure, which may add some conceptual complexity, but this alone does not trigger a complex classification under MiFID II. Overall, the Fund is straightforward in structure, with direct investment in liquid equities and no embedded leverage or derivative replication, leading to a non-complex classification."
}