{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares STOXX Europe Equity Multifactor UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The KIID and PRIIPs documents explicitly state that the fund uses 'physical replication' and 'optimising techniques' that may include 'strategic selection of securities' but do not mention synthetic replication or swap agreements. 2. Derivative Usage: While the KIID mentions the potential use of 'financial derivative instruments (FDIs)' for direct investment purposes, the PRIIPs document and factsheet do not provide evidence of actual derivative usage beyond what would be typical for efficient portfolio management. The fund's risk disclosures focus on equity market risks rather than derivative-specific risks. 3. Leverage and Inverse Exposure: There is no mention of leverage, inverse exposure, or amplified returns in any of the documents. 4. Underlying Assets: The fund invests in equity securities that are part of the STOXX Developed Europe Equity Factor Screened Index, which is a transparent, rules-based index. 5. Risk Profile: The fund is rated as risk level 6 (out of 7), which is typical for equity funds and does not indicate complexity. 6. Counterparty Risk: While counterparty risk is mentioned as a general risk, there is no specific disclosure about derivative counterparty risk that would suggest significant exposure. 7. Costs: The fund's expense ratio is straightforward at 0.25%, with no performance fees or complex fee structures.",
    "confidence": 90
}