{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI ACWI 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 track the MSCI All Countries World Index using physical replication methods, investing directly in equity securities that make up the index or close substitutes (e.g. ADRs/GDRs). The KIID and PRIIPs KID documents confirm the use of optimising techniques but do not indicate synthetic replication or swap usage. There is no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. The fund does engage in short-term securities lending, but this is a common practice and does not imply complexity under MiFID II. Leverage or inverse exposure is not present. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and emerging market exposure, not complexity). The fund invests in liquid, transparent equity securities across developed and emerging markets, with no complex structured products or contingent capital instruments. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no synthetic or swap-based structures. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance and is UCITS compliant. Therefore, it is classified as non-complex under MiFID II."
}