{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares Europe Defence UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, free-float adjusted market capitalisation weighted equity index (STOXX Europe Targeted Defence Index). The fund aims to hold the underlying securities in similar proportions to the index. While the prospectus notes that the Investment Manager may use financial derivative instruments (FDIs) for direct investment purposes, there is no evidence in the Key Investor Information Document (KIID) that derivatives are central to the investment strategy or that the ETF relies on synthetic replication or complex structured products. The use of derivatives, if any, appears limited to efficient portfolio management (EPM) and is not integral to achieving the fund's objective. The ETF does not employ leverage beyond UCITS limits, does not use swaps or inverse strategies, and does not hold complex bonds or indices. The structure, risks (primarily market and sector concentration), and investment objective are straightforward and transparent, in line with typical UCITS equity ETFs. All UCITS are automatically non-complex under MiFID II unless they employ complex portfolio management techniques or structured features that make the product difficult for retail investors to understandu2014neither of which is indicated here[1]. Therefore, this ETF is classified as non-complex."
}