{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The asset is a UCITS ETF (iShares Core MSCI World UCITS ETF EUR Hedged), which under MiFID II is generally presumed non-complex due to the strict regulatory framework of UCITS funds[1]. The ETF aims to replicate the MSCI World Index using physical replication techniques with optimization, investing primarily in the underlying equity securities of the index, which supports non-complex classification[search data]. Although the fund uses financial derivative instruments (FDIs) for currency hedging and possibly for efficient portfolio management, these derivatives are not integral to the investment objective or synthetic replication, and their use is limited to hedging currency risk, which is consistent with non-complex derivative use under MiFID II rules[search data]. The fund also engages in short-term securities lending to generate additional income, but this is a secondary feature well-managed under UCITS rules and does not dominate the risk profile[search data]. There is no indication of leverage beyond UCITS limits, embedded derivatives, or complex structured products such as CLOs within the fund's holdings. The underlying index (MSCI World) is transparent and widely understood, further supporting non-complexity. The risk profile is driven by market volatility typical of equity investments and does not imply structural complexity. According to ESMA and CESR guidance, UCITS ETFs that physically replicate transparent indices and use derivatives only for efficient portfolio management with minimal risk impact are classified as non-complex[2][3]. Therefore, this ETF does not meet any criteria for complexity such as synthetic replication, embedded derivatives, significant leverage, or opaque structures. Hence, it is classified as non-complex under MiFID II."
}