{
    "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 Europe SRI UCITS ETF is a physically replicated ETF that tracks the MSCI Europe SRI Select Reduced Fossil Fuel Index. The KIID and PRIIPs documents confirm that the fund uses physical replication, investing directly in the equity securities that make up the index. While the fund mentions the potential use of financial derivative instruments (FDIs) to help achieve its investment objective, this appears to be for efficient portfolio management rather than as a core strategy. There is no indication of synthetic replication, leverage, inverse exposure, or complex structured products. The risk profile is rated as medium (risk level 6), which is typical for equity ETFs. The fund's holdings are transparent, consisting of liquid, large-cap European equities with strong ESG ratings. The use of derivatives is minimal and does not appear to introduce significant complexity or additional risk beyond what is typical for an equity ETF. The fund is UCITS-compliant, which further supports its classification as non-complex. The PRIIPs KID does not contain a comprehension warning, and the monthly factsheet confirms the physical replication method and straightforward investment strategy.",
    "confidence": 95
}