{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Mid Cap UCITS ETF",
    "investment_objective": "To track the return of the MSCI Europe Mid Cap Index through a combination of capital growth and income.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed market countries in Europe",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Europe Mid Cap Index primarily through physical investment in the equity securities that make up the index, using optimising techniques such as strategic selection of securities or representative sampling. The KIID and PRIIPs documents explicitly mention the use of financial derivative instruments (FDIs) only for direct investment purposes, which is interpreted as limited and not inherent to the strategy, thus derivatives are not considered a complexity driver 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 (4 out of 7 in PRIIPs, 6 in KIID but this is due to equity market risk, not complexity). Costs are straightforward with a simple TER of 0.15%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs and is standard practice. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no capital protection or structured features. The fund is UCITS compliant, which imposes strict rules limiting complexity. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent securities, and does not use leverage or synthetic replication. Therefore, under MiFID II, this ETF is classified as non-complex."
}