{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "Multi-factor index optimization",
    "classification": "non-complex",
    "supporting_data": "The iShares STOXX World Equity Multifactor UCITS ETF is a UCITS-compliant ETF that physically replicates an equity index composed of large and mid-cap developed market stocks. The fund uses an optimized sampling technique to track a multi-factor index (Momentum, Quality, Value, Low Volatility, Size) but does not employ synthetic replication or swap agreements. The KIID and PRIIPs KID documents explicitly state that financial derivative instruments (FDIs) may be used but only for direct investment purposes, not as an inherent element of the strategy, and there is no indication of funded or unfunded swaps or counterparty risk beyond normal custodial risk. The monthly factsheet confirms the product structure as physical replication with no mention of swap usage or leverage. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to equity market risk and factor concentration), but this is typical for equity ETFs and does not imply complexity under MiFID II. There is no leverage, inverse exposure, capital protection, or complex underlying assets such as contingent convertible bonds. Securities lending is used but is a standard practice and does not increase complexity. Costs are straightforward with a TER of 0.30% and no performance fees or swap fees. The multi-factor index methodology introduces some complexity in index construction but does not elevate the fund to a MiFID II complex classification. Therefore, the fund is classified as non-complex."
}