{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The iShares STOXX World Equity Multifactor USD (Acc) is a UCITS ETF, which is automatically presumed non-complex under MiFID II unless it contains features that make its structure, risks, or payoff difficult for retail investors to understand[1]. The fund is passively managed and invests in equity securities to track its benchmark index, using physical replication (optimized sampling) rather than synthetic replication. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management (EPM), such use is limited and not central to the investment objectiveu2014derivatives are not used for synthetic replication or to achieve leveraged or inverse returns. The fund may engage in securities lending, but this is a secondary activity, well-managed within UCITS rules, and does not dominate the risk profile. The index tracked is transparent and well-documented, and the fundu2019s structure and risks (market volatility, tracking error) are straightforward for retail investors with basic knowledge. There is no significant leverage, no embedded derivatives, and no opaque features. Therefore, the ETF meets all criteria for non-complex classification under MiFID II Article 57 and the UCITS presumption[1][2]."
}