{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares US Medical Devices UCITS ETF described invests by physical replication in equity securities that compose the Dow Jones U.S. Select Medical Equipment Capped 35/20 Index. The ETF aims to hold the underlying securities in similar proportions to the index, which is a transparent, well-documented equity index. The ETF may engage in short-term securities lending, which introduces some counterparty risk, but this is a secondary feature well-managed under UCITS rules and does not dominate the risk profile. The Fund may use financial derivative instruments (FDIs) for investment purposes, but the KID does not indicate that derivatives are integral to the replication strategy or that synthetic replication is used. The risk profile is driven by market volatility and sector concentration, not structural complexity. There is no indication of leverage beyond UCITS limits, embedded derivatives, or complex payoff structures. The ETF is UCITS compliant, physically replicates a transparent index, and its structure and risks are straightforward for a retail investor with basic knowledge to understand. According to MiFID II Article 254, Delegated Regulation EU 2017/565 Article 57, and ESMA guidelines, such a UCITS ETF is presumed non-complex. The presence of securities lending does not automatically trigger complexity. The ETF does not embed derivatives as a core element of its strategy, so 'derivatives' is marked false. The replication method is physical, supporting non-complex classification. Therefore, the ETF is classified as non-complex under MiFID II appropriateness rules."
}