{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA SRI UCITS ETF GBP Hedged (Dist)",
    "investment_objective": "To achieve a return reflecting the MSCI USA SRI Select Reduced Fossil Fuel Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "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 physically replicating the MSCI USA SRI Select Reduced Fossil Fuel Index. The fund invests directly in the underlying equity securities of the index, with no indication of synthetic replication or use of swap agreements. The use of derivatives is limited to FX forward contracts for currency hedging purposes only, which is considered risk management rather than an inherent part of the investment strategy. There is no leverage, inverse exposure, or capital protection mechanism. The risk rating is 5 out of 7, reflecting medium-high market risk typical of equity investments, but no complexity flags such as contingent bonds or structured products are present. The fund engages in securities lending to offset costs, but this does not add complexity under MiFID II. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF exhibits a straightforward, transparent, and linear investment strategy with direct exposure to liquid, well-understood equity securities, and limited derivative use solely for currency hedging. Therefore, it does not meet the MiFID II criteria for classification as a complex financial instrument."
}