{
    "fund_name": "iShares Core MSCI World UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication with optimisation techniques",
        "Minimal derivative usage for efficient portfolio management",
        "Transparent underlying index (MSCI World)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with optimisation techniques, which does not involve synthetic replication or significant derivative usage. The MSCI World index is a transparent, widely followed benchmark. While the KIID mentions potential derivative usage for direct investment purposes, the PRIIPs KID and factsheet confirm the fund primarily holds physical securities. The risk profile is straightforward (equity risk), and there are no leverage, inverse, or capital protection features. The fund's low ongoing charges (0.20%) and transparent structure align with typical non-complex ETFs. The mention of securities lending is standard practice and does not trigger complexity under MiFID II.",
    "confidence": 95
}