{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Mid Cap UCITS ETF",
    "investment_objective": "To track the return of the MSCI Europe Mid Cap Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed market countries in Europe",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Europe Mid Cap Index primarily through physical investment in the equity securities that make up the index, using optimising techniques including strategic selection of securities and possibly some financial derivative instruments (FDIs) for direct investment purposes, but not as an inherent part of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk, not complexity). The fund is UCITS compliant, uses physical replication, and invests directly in liquid, transparent mid-cap European equities. The monthly factsheet confirms physical replication and no use of swaps or leverage. Costs are straightforward with no performance fees or swap fees. The fund engages in securities lending, but this does not increase complexity under MiFID II. 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 ETF is a standard physical equity index tracker with minimal derivative use for efficient portfolio management, thus classified as non-complex under MiFID II."
}