{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Industrials Sector EUR (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI Europe Industrials 20/35 Capped Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents explicitly state that the fund uses physical replication and does not employ synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or derivative counterparty risk as an inherent part of the investment strategy. While the fund may use financial derivative instruments (FDIs) for direct investment purposes, this is likely for efficient portfolio management rather than as a core element of the strategy, so derivatives are marked false. The fund does not use leverage, inverse exposure, or amplified returns, and the risk indicator is moderate (5 out of 7), consistent with equity market risk rather than complexity-driven risk. The monthly factsheet confirms the physical replication methodology and shows a straightforward portfolio of large- and mid-cap European industrial equities with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are simple, with a low ongoing charge of 0.18% and no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. There are no capital protection or structured features. The risk disclosures do not indicate significant counterparty risk or complexity warnings. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and does not use synthetic replication or leverage, leading to a non-complex classification under MiFID II."
}