{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI North America UCITS ETF",
    "investment_objective": "To track the performance of the MSCI North America Index through a combination of capital growth and income by investing in equity securities of large and mid-cap companies in Canada and the United States.",
    "primary_asset_class": "Equity",
    "geographic_focus": "North America (United States and Canada)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication by directly holding the equity securities that make up the MSCI North America Index in similar proportions. 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 derivative instruments only for direct investment purposes to produce a similar return to its index, which is considered a risk management or tracking tool rather than an inherent complexity factor, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The underlying assets are liquid, large and mid-cap equities from developed markets (US and Canada), with no complex structured products or contingent bonds. The risk profile is medium-high (5 out of 7), reflecting equity market risk rather than complexity. The costs are straightforward with a single ongoing charge of 0.40%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs and is disclosed transparently. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid securities, and does not employ leverage or complex derivatives, leading to a non-complex classification under MiFID II."
}