{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe ex-UK GBP Hedged",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF that aims to track the MSCI Europe ex-UK 100% Hedged to GBP Index by investing primarily in the underlying equity securities of the index and using FX forward contracts for currency hedging. The KIID and PRIIPs KID documents confirm the use of physical replication with optimising techniques, including direct investment in equities and FX forwards for hedging purposes. There is no mention of synthetic replication, swap agreements, total return swaps, or other derivative instruments used as part of the core investment strategy. The FX forwards are used solely for currency risk management, not for leverage or return amplification, so derivatives are considered non-complex in this context. The Fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk and currency hedging, not complexity). The Fund engages in short-term securities lending, but this is a common practice and does not add complexity under MiFID II. The ongoing charges are straightforward with no performance fees or complex fee structures. The monthly factsheet confirms physical investment in a broad portfolio of liquid European equities (326 holdings) and the use of FX forwards for hedging, with no swaps or complex derivatives. No contingent bonds or structured products are held. Therefore, the Fund does not meet the MiFID II criteria for a complex financial instrument."
}