{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global Water UCITS ETF USD (Acc)",
    "investment_objective": "To track the return of the S&P Global Water Index through capital growth and income by investing in equity securities of companies in the global water industry.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (developed and emerging markets)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that physically replicates the S&P Global Water Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only for risk management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are liquid, publicly traded equities in the water sector, with no complex structured products or contingent bonds. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to sector concentration and equity market risk, not complexity). Counterparty risk is disclosed but limited to securities lending and safekeeping, with no significant derivative counterparty exposure. Costs are straightforward with a TER of 0.65%, no performance fees, and no swap or derivative fees. The fund uses physical replication and direct purchase of underlying securities. The index tracked is a standard market-cap weighted equity index with ESG exclusions, not a complex or leveraged index. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio of 63 liquid equity holdings. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms."
}