{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares Global Infrastructure UCITS ETF is a UCITS-compliant ETF that aims to replicate the FTSE Global Core Infrastructure Index by physically holding the underlying equity securities in similar proportions. It uses derivatives only for currency hedging purposes (FX forward contracts) and possibly for efficient portfolio management, not as an integral part of its investment strategy. The ETF may engage in short-term securities lending, but this is a secondary feature managed within UCITS rules and does not dominate the risk profile. There is no significant leverage beyond UCITS limits, no embedded derivatives, and the index tracked is transparent and straightforward. The risk profile is driven by market volatility typical of equity investments, not structural complexity. According to MiFID II Article 25(4)(a)(iv) and Article 57 of the Commission Delegated Regulation, UCITS ETFs that physically replicate transparent indices and use derivatives only for hedging or efficient portfolio management with minimal risk impact are classified as non-complex. The ETF's structure and risks are easily understood by retail investors with basic knowledge, and it does not embed complex features such as synthetic replication, leverage, or structured products like CLOs. Therefore, it meets the criteria for non-complex classification under MiFID II."
}