{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core MSCI Europe UCITS ETF aims to track the MSCI Europe Index through physical replication, investing directly in equity securities of large and mid-cap companies in developed European markets. The KIID and PRIIPs KID documents confirm the use of optimising techniques and possible limited use of financial derivative instruments (FDIs) for direct investment purposes or to help achieve the investment objective, but these are not inherent to the strategy and are used for risk management or tracking efficiency rather than synthetic replication. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk indicator is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk, not complexity). The fund is UCITS compliant, uses physical replication, and invests in liquid, transparent equity securities. The monthly factsheet confirms a physical product structure with no synthetic elements or complex underlying assets. Securities lending is used but revenue sharing does not increase costs and is a common practice. No complex bonds, contingent convertible bonds, CLOs, or structured products are held. No significant counterparty risk beyond normal custodial risk is disclosed. Overall, the ETF is straightforward, with a clear, linear relationship to the underlying index performance, and no complexity triggers under MiFID II criteria."
}