{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Europe Energy Sector UCITS ETF aims to replicate the MSCI Europe Energy 20/35 Capped Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID explicitly state 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 counterparty exposure related to derivatives. The Fund may use financial derivative instruments (FDIs) only to help achieve the investment objective, but this is for direct investment purposes and not as an inherent element of the strategy, so derivative use is considered minimal and risk-managing rather than structural. The monthly factsheet confirms the product structure as physical replication with no synthetic elements. There is no leverage, inverse exposure, or capital protection features. The risk profile is high (6 out of 7) due to sector concentration and equity market volatility, not due to structural complexity. Costs are straightforward with a TER of 0.18%, no performance fees, and no swap or derivative fees. The holdings are straightforward large- and mid-cap European energy equities, with no complex underlying assets such as contingent convertible bonds or CLOs. No complexity flags such as capital protection, structured returns, or significant counterparty risk are present. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers beyond normal market risk disclosures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}