{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe SRI UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI Europe SRI Select Reduced Fossil Fuel Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and only employs financial derivative instruments (FDIs) for currency hedging purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not use leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk rather than complexity), and the fund has a straightforward index-tracking objective with direct investment in liquid, transparent equity securities. Costs are simple with a TER of 0.23%, no performance fees, and no complex fee structures. Securities lending is used but disclosed transparently and does not add complexity. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The hedging strategy uses FX forwards solely for currency risk management, which does not trigger the 'derivatives' flag under MiFID II complexity rules. There are no capital protection or structured features. Overall, the fund\u2019s structure and documentation indicate a non-complex financial instrument under MiFID II."
}