{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI UK UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI UK UCITS ETF aims to replicate the MSCI UK Index by investing directly in the equity securities that make up the index, using physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. The fund may use financial derivatives only for risk management purposes, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are large and mid-cap UK equities, which are liquid and transparent. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk, not complexity). There are no capital protection or structured features. Costs are straightforward with a TER of 0.33%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No complexity flags such as contingent convertible bonds, complex derivatives, or leverage are present. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Overall, the fund is a straightforward, physically replicated equity ETF with minimal derivative use for hedging, making it non-complex under MiFID II criteria."
}