{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe ex-UK 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 ex-UK Index through physical investment in equity securities that make up the index or similar securities, using optimising techniques but no synthetic replication or swap agreements are mentioned. The fund uses physical replication (or optimised physical sampling) and does not employ leverage or inverse strategies. Derivatives may be used only for efficient portfolio management or hedging, not as an inherent part of the investment strategy, so derivative exposure is minimal and not complexity-driving. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk, not complexity). There are no capital protection features, no structured or contingent return formulas, and no complex underlying assets such as contingent convertible bonds or CLOs. The fund is UCITS compliant, with a straightforward index-tracking objective, investing directly in liquid, transparent equity securities. Costs are simple with a TER of 0.40%, no performance fees, and no swap or derivative fees. Counterparty risk is disclosed but limited to securities lending and custodial arrangements, not swap counterparties. No leverage or inverse exposure is present. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}