{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Oil & Gas Exploration & Production UCITS ETF USD (Acc)",
    "investment_objective": "To track the return of the S&P Commodity Producers Oil & Gas Exploration & Production Index through capital growth and income.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets with companies involved in oil and gas exploration and production",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the underlying index by holding equity securities in similar proportions to the S&P Commodity Producers Oil & Gas Exploration & Production Index. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only for investment purposes, but this is incidental and not inherent to the strategy, so derivatives are marked false. There is no leverage or inverse exposure. The risk rating is 6 out of 7, reflecting sector concentration and equity market risk, but not complexity from derivatives or leverage. The fund is UCITS compliant and uses physical replication. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Costs are straightforward with no performance fees or swap fees. The fund invests directly in liquid equity securities of large, developed market companies. No capital protection or structured features are present. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but is not significant or structural. Overall, the fund is a straightforward physical equity ETF tracking a well-defined commodity producers index without complex features or synthetic structures, leading to a non-complex classification under MiFID II."
}