{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Core MSCI World UCITS ETF (EUR Hedged, Dist) aims to track the MSCI World Index using physical replication with an optimised sampling technique. The KIID and PRIIPs KID explicitly state that the Fund invests primarily in equity securities that make up the index, with no mention of synthetic replication or swap agreements. Derivatives are used only for currency hedging purposes (FX forwards), which is a risk management tool rather than an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse exposure, or capital protection features. The risk indicator in the KIID is 6 (on a scale of 1-7), reflecting equity market risk and currency hedging risk, but this does not imply complexity under MiFID II. The monthly factsheet confirms physical replication and no use of swaps or complex underlying assets. The Fund holds a broad, liquid portfolio of large and mid-cap equities from developed markets, with no complex structured products or contingent bonds. Securities lending is used but revenue sharing does not increase costs materially. No performance fees or multiple fee layers are present. There is no mention of contango, backwardation, or roll costs that would imply complexity. Overall, the Fund\u2019s structure, replication method, and underlying assets are straightforward and transparent, consistent with a non-complex classification under MiFID II."
}