{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Energy Sector UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the MSCI Europe Energy 20/35 Capped Index by physically holding the underlying equity securities in similar proportions to the index, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. The Fund may use financial derivatives only for investment purposes, but this is not indicated as a material or inherent part of the strategy, and thus derivatives are considered not to contribute to complexity. There is no leverage, inverse or amplified exposure language present. The underlying assets are large- and mid-cap European energy sector equities, which are liquid and transparent. The risk profile is high (risk level 6-7), reflecting sector concentration and market volatility, but this does not alone indicate complexity under MiFID II. Costs are straightforward with a low ongoing charge (0.18%) and no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and a straightforward portfolio of 11 holdings in well-known energy companies. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}