{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA SRI UCITS ETF USD (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI USA SRI Select Reduced Fossil Fuel Index by physically holding the underlying equity securities in similar proportions to the index. The KIID and PRIIPs KID documents explicitly state the fund uses physical replication and direct investment in equities, with no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivative instruments (FDIs) only to help achieve the investment objective, but this is for risk management rather than inherent strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure indicated. The risk profile is medium-high (5 out of 7), primarily due to equity market risk and ESG screening reducing the investment universe, not due to structural complexity. The fund holds liquid, transparent equity securities with no complex underlying assets such as contingent convertible bonds or CLOs. The charges are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Counterparty risk is mentioned only in the context of safekeeping and securities lending, which is standard and does not imply complexity. There are no capital protection or structured features. No leverage or inverse exposure is present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund\u2019s structure, replication method, underlying assets, and risk disclosures align with a non-complex classification under MiFID II."
}