{
    "name": "iShares MSCI World SRI UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World SRI UCITS ETF is a physically replicated ETF that tracks the MSCI World SRI Select Reduced Fossil Fuel Index. It primarily invests in equity securities that make up the index, with a focus on companies with higher ESG ratings. While the KIID mentions the use of Financial Derivative Instruments (FDIs) for currency hedging purposes, this is a common practice for hedged share classes and does not introduce significant complexity. The ETF does not employ leverage, inverse strategies, or synthetic replication. The risk profile is moderate (rated 6 on the risk indicator), and the underlying assets are liquid and transparent. The use of derivatives is limited to efficient portfolio management (currency hedging) and does not materially alter the risk profile or require specialist knowledge to understand. The ETF is UCITS-compliant, which further supports its classification as non-complex under MiFID II.",
    "confidence": 95,
    "counter_argument": "Some might argue that the use of derivatives for hedging could introduce complexity. However, currency hedging is a standard practice in ETFs and is generally well-understood by retail investors. The derivatives are not used for leverage or speculative purposes, and the overall risk profile remains straightforward. The ETF's physical replication method and focus on liquid, transparent equities further support its non-complex classification.",
    "risk_level": "moderate"
}