{
    "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 World UCITS ETF aims to track the MSCI World Index through physical replication, investing directly in equity securities of large and mid-cap companies across developed markets globally. The KIID and PRIIPs KID documents confirm the use of optimising techniques and limited use of financial derivative instruments (FDIs) only for direct investment purposes, not as an inherent part of the strategy, indicating derivatives are used for risk management rather than exposure. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. The monthly factsheet explicitly states the product structure as 'Physical'. There is no leverage, inverse or amplified exposure, and no capital protection or structured features. 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). Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. The underlying assets are liquid, transparent equities with no complex bonds or structured products. No complexity flags such as contingent convertible bonds, leverage, or synthetic replication are present. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}