{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA Climate TransitionUSD (Dist) Share Class",
    "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 managed by BlackRock, aiming to track the MSCI USA Transition Aware Select Index through physical replication by holding the underlying equity securities in similar proportions to the index. The KIID and PRIIPs KID documents confirm the fund uses physical replication with no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only for direct investment purposes to produce a similar return to the index, but this is not an inherent element of the strategy and is limited in scope, thus derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure indicated. The underlying assets are equities, which are liquid and transparent, with no complex structured products or contingent bonds involved. The risk profile is medium-high (5 out of 7), reflecting equity market risk and ESG screening constraints, but not complexity from derivatives or leverage. Costs are straightforward with a low ongoing charge (0.07%) and no performance fees or swap fees. Counterparty risk is disclosed but limited, consistent with physical custody and standard securities lending arrangements. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No capital protection or structured features are present. No complexity flags such as contingent convertible bonds, leverage, or synthetic replication are identified. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}