{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Islamic UCITS ETF aims to replicate the MSCI World Islamic Index by holding all equity securities in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents mention that the Fund may use financial derivative instruments (FDIs) only to the extent compliant with Shari'ah principles and primarily for efficient portfolio management, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The monthly factsheet confirms the product structure as 'Physical' and shows direct investment in equities with no indication of leverage or inverse exposure. The risk indicator in the KIID is 6 (due to equity market risk and Shari'ah screening) but the PRIIPs KID rates the risk as 4 out of 7, a medium risk level typical for equity ETFs without leverage or complex derivatives. Costs are straightforward with a TER of 0.30%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The underlying assets are large and mid-cap equities screened for Shari'ah compliance, which does not add complexity under MiFID II. No complexity flags such as contingent convertible bonds, leverage, or synthetic replication are present. Therefore, the ETF is classified as non-complex under MiFID II."
}