{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe SRI UCITS ETF USD (Acc)",
    "investment_objective": "To track the MSCI Europe SRI Select Reduced Fossil Fuel Index by investing primarily in equity securities of companies with high 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 is a UCITS-compliant equity ETF that physically replicates the MSCI Europe SRI Select Reduced Fossil Fuel Index by investing directly in the underlying equity securities. The KIID and PRIIPs KID documents explicitly state the fund aims to invest 'so far as possible and practicable' in the equity securities of the index, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. The fund may use financial derivative instruments only to help achieve the investment objective or for direct investment purposes, but this is limited and not a core element of the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk profile is medium-high (5 out of 7), consistent with equity market risk, but no complexity flags such as capital protection, structured features, or contingent bonds are present. The fund engages in limited securities lending to offset costs, but this does not increase complexity. The charges 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 use of swaps or synthetic structures. The index tracked is a standard ESG-screened equity index without complex derivatives or structured products. No PRIIPs comprehension warnings or complexity flags are present. Overall, the fund exhibits a clear, linear relationship to the underlying equity index performance, with minimal derivative use for risk management only, and no leverage or synthetic replication. Therefore, under MiFID II, this ETF is classified as non-complex."
}