{
    "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 EUR Hedged UCITS ETF aims to track the MSCI World 100% Hedged to EUR Index Net, investing primarily in equity securities of large and mid-cap companies in developed markets. The fund uses physical replication with an optimised sampling approach to closely track the index. The hedging of currency exposure is achieved through FX forward contracts, which are standard derivative instruments used for risk management rather than as an inherent part of the investment strategy, thus not triggering complexity under MiFID II. There is no mention of synthetic replication, swap agreements, total return swaps, or unfunded/funded swap structures. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID), reflecting typical equity market risks and some counterparty risk related to FX forwards and securities lending, but no significant complexity flags. Costs are straightforward with a single ongoing charge (TER) of 0.55%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The fund is UCITS compliant, which imposes regulatory constraints limiting complexity. Overall, the fund\u2019s structure, replication method, and risk disclosures indicate a non-complex classification under MiFID II."
}