{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World SRI UCITS ETF EUR Hedged (Dist) is a UCITS-compliant ETF 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 actual equity securities in similar proportions to the index. The fund uses financial derivative instruments (FDIs) only for currency hedging purposes (e.g., FX forward contracts) and not as an inherent part of the investment strategy, so derivative use is considered risk management rather than complexity-driving. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but mainly due to equity market risk), with no capital protection or structured features. Costs are straightforward with a TER of 0.23%, no performance fees, and securities lending revenue sharing disclosed but not increasing costs. The monthly factsheet confirms physical replication with 387 holdings, no synthetic or swap-based replication, and no leverage. The hedging strategy uses FX forwards solely to reduce currency risk, which does not trigger complexity classification. No complexity flags such as capital guarantees, structured returns, or significant counterparty risk are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}