{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA UCITS ETF USD (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI USA Index by physically holding the equity securities that make up the index in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as an inherent part of the investment strategy. The Fund may use financial derivatives only to help achieve investment objectives, but this is for direct investment purposes and not as a core strategy, so derivative use is considered minimal and for risk management rather than exposure. There is no leverage, inverse or amplified exposure language. The underlying assets are large and mid-cap US equities, which are liquid and transparent. The risk profile is medium-high (risk level 5-6), consistent with equity market risk, but no complexity flags such as capital protection, structured features, or complex underlying assets are present. Costs are straightforward with a low ongoing charge (0.07%) and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps, and direct investment in equities. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}