{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Global Water UCITS ETF USD (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Global Water UCITS ETF aims to replicate the S&P Global Water Index by investing directly in the equity securities that make up the index, using physical replication as confirmed by the KIID and the monthly factsheet. 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 risk management purposes, which does not trigger complexity under MiFID II. The Fund is UCITS compliant and does not employ leverage, inverse or amplified exposure. The risk indicator is moderate (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to sector concentration and equity market risk, not complexity). There are no capital protection or structured features. The Fund invests in liquid, transparent equity securities of companies in the water sector globally, with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a TER of 0.65%, no performance fees, and no swap or derivative fees. Counterparty risk disclosures relate only to standard safekeeping and securities lending counterparties, not to synthetic replication or unfunded swaps. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or leverage. Therefore, the Fund is classified as non-complex under MiFID II."
}