{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Financials Sector UCITS ETF",
    "investment_objective": "To track the MSCI Europe Financials 20/35 Capped Index by investing in equity securities of large and mid-cap financial companies across developed Europe.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Europe",
    "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 Financials 20/35 Capped Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use derivatives only for risk management or direct investment purposes, but this is minimal and not inherent to the strategy. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (5/7) due to sector concentration and equity market risk, not due to structural complexity. Costs are straightforward with a TER of 0.18%, no performance fees, and no complex fee structures. The fund engages in short-term securities lending, but this does not increase complexity. The monthly factsheet confirms physical replication and no use of swaps or complex derivatives. The underlying assets are liquid, large and mid-cap equities in the financial sector, with no contingent convertible bonds or structured products. No complexity flags such as capital protection, barrier options, or contingent return formulas are present. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}