{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI ACWI SRI UCITS ETF (USD) (Dist) is classified as non-complex under MiFID II for the following reasons: 1. Physical Replication: The fund explicitly states it aims to replicate the MSCI ACWI SRI Select Reduced Fossil Fuel Index by holding the underlying equity securities in similar proportions, with no mention of synthetic replication or swap agreements. 2. No Leverage or Inverse Exposure: There is no indication of any leverage (e.g., 2x, 3x) or inverse exposure in the KIID or PRIIPs documents. 3. Minimal Derivative Usage: While the KIID mentions the potential use of financial derivative instruments (FDIs) to help achieve the investment objective, this is likely for efficient portfolio management (e.g., hedging, reducing transaction costs) rather than as a core strategy. The PRIIPs document confirms the fund uses physical replication. 4. Transparent and Liquid Underlying Assets: The fund invests in equity securities of companies with higher ESG ratings, which are typically liquid and transparent. 5. No Capital Protection or Structured Features: There are no capital protection mechanisms, barrier options, or structured return formulas mentioned. 6. Risk Profile: The fund's risk rating is 6 out of 7, which is moderate and aligns with the nature of equity investments. The risks are clearly disclosed, including counterparty risk (though minimal due to physical replication) and ESG screening risks. 7. No Complexity Flags: There are no warnings about the fund being unsuitable for retail investors or requiring specific investment knowledge. The PRIIPs document does not include a comprehension alert, further supporting the non-complex classification.",
    "confidence": 95
}