{
    "fund_name": "iShares MSCI World SRI UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forwards",
        "ESG screening complexity",
        "SRI index methodology"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the MSCI World SRI Select Reduced Fossil Fuel Index. While it does use FX forwards for currency hedging, this is a common practice in UCITS-compliant ETFs and does not significantly alter the risk profile. The ETF's complexity comes from its ESG screening methodology and SRI index construction, but these do not meet MiFID II's criteria for complexity. The use of derivatives is limited to efficient portfolio management (hedging) rather than for leverage or inverse exposure. The fund's risk profile is clearly communicated as medium risk, and the underlying assets are liquid equities. There are no capital protection mechanisms, leverage, or inverse strategies present. The ETF is UCITS-compliant, which inherently limits the use of derivatives to those permitted under UCITS regulations, further reducing complexity.",
    "confidence": 90
}