{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe SRI UCITS ETF",
    "investment_objective": "To track the MSCI Europe SRI Select Reduced Fossil Fuel Index through passive management by investing in equity securities of companies with higher ESG ratings in developed European markets.",
    "primary_asset_class": "equity",
    "geographic_focus": "Developed European markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the MSCI Europe SRI Select Reduced Fossil Fuel Index by holding the underlying equity securities in similar proportions, as explicitly stated in the KIID and PRIIPs KID. 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 derivative instruments only for efficient portfolio management or hedging purposes, which does not trigger complexity under MiFID II. The risk indicator is moderate (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk, not complexity). There is no leverage, inverse or amplified exposure. The underlying assets are liquid equities with no complex structured products or contingent bonds. The Fund is UCITS compliant, with a straightforward index-tracking objective and physical replication. Costs are simple with a TER of 0.20%, no performance fees, and no swap or derivative fees. Counterparty risk is disclosed but limited to securities lending and custodial arrangements, not inherent to the investment strategy. No capital protection or structured features are present. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, the ETF does not meet the MiFID II criteria for a complex financial instrument."
}