{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World ex-USA UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI World ex USA 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 mentions derivatives may be used to help achieve the investment objective, but not as an inherent part of the strategy, indicating derivatives use is for risk management rather than core exposure. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. The fund does not employ leverage, inverse or amplified exposure. The risk profile is rated 6 out of 7, reflecting equity market risk rather than complexity from derivatives or leverage. The monthly factsheet confirms the product structure is physical replication with no synthetic or swap-based elements. The underlying assets are large and mid-cap equities from developed markets excluding the US, which are liquid and transparent. No capital protection or structured features are present. Costs are straightforward with a TER of 0.15%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}