{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA SRI UCITS ETF USD (Dist)",
    "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. The KIID and PRIIPs KID documents explicitly state that the Fund intends to replicate the index by holding the equity securities that make up the index, with no mention of synthetic replication or use of swap agreements. The investment manager may use financial derivative instruments (FDIs) only to help achieve the investment objective, which is typical for risk management or efficient portfolio management, not as an inherent part of the strategy, so derivatives are marked false. There is no indication of leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (risk level 5-6), consistent with equity market risk and ESG screening constraints, but this does not imply complexity under MiFID II. The Fund does engage in securities lending, but this is disclosed transparently and does not add complexity. The monthly factsheet confirms physical replication, no use of swaps, and a straightforward equity portfolio of about 170 holdings, with no complex underlying assets such as contingent convertible bonds or CLOs. No references to synthetic replication, funded or unfunded swaps, counterparty risk beyond normal custodial risk, or complex structured products are found. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}