{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World SRI UCITS ETF GBP Hedged (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI World SRI Select Reduced Fossil Fuel Index by investing primarily in the underlying equity securities of the index. The KIID and PRIIPs KID documents confirm that the fund uses physical replication, holding the equity securities in similar proportions to the index. The fund uses financial derivative instruments (FDIs) only for currency hedging purposes (FX forward contracts) and possibly for efficient portfolio management, not as an inherent part of the investment strategy, so derivative use is not considered complex here. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium (risk level 4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and ESG screening, not complexity). The charges are straightforward with a TER of 0.23%, no performance fees, and no complex fee structures. Securities lending is used but revenue sharing is transparent and does not increase costs. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio of 387 equity holdings with no complex derivatives. The hedging strategy uses FX forwards solely to reduce currency risk, which is standard and not a complexity trigger. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative exposure used only for currency hedging, and no leverage or synthetic replication. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}