{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Consumer Discretionary Sector UCITS ETF",
    "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 Europe Consumer Discretionary 20/35 Capped Index by physically holding the underlying equity securities in similar proportions to the index, as explicitly stated in the KIID and factsheet. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. While the Fund may use financial derivative instruments (FDIs) to help achieve its investment objective, the documents clarify that FDIs may be used for direct investment purposes and not as an inherent element of the strategy, implying derivatives usage is limited and for risk management rather than structural replication. The factsheet confirms the product structure as 'Physical' replication. There is no leverage, inverse or amplified exposure language present. The risk profile is medium-high (5 out of 7), consistent with equity sector concentration risk, but not indicative of complexity under MiFID II. No capital protection or structured features are present. Costs are straightforward with a TER of 0.18%, no performance fees, and no swap or derivative fees disclosed. Counterparty risk disclosures relate to normal custodial and securities lending counterparties, not to synthetic replication or unfunded swaps. The PRIIPs KID does not include any comprehension warnings or complexity flags. The underlying assets are large and mid-cap European equities in the consumer discretionary sector, which are liquid and transparent. No complex bonds, contingent convertibles, CLOs, or structured products are held. Securities lending is used but revenue sharing is disclosed and does not increase costs. Overall, the ETF exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, under MiFID II, this ETF is classified as non-complex."
}