{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "supporting_data": "The iShares MSCI World SRI UCITS ETF USD Hedged (Dist) is a UCITS-compliant, physically replicating ETF that tracks a transparent, ESG-screened equity index. It primarily invests in the underlying securities of the index, with derivatives (such as FX forwards) used only for currency hedging, not as a core part of the investment strategy. Securities lending is present but is a secondary, well-managed feature within UCITS rules. There is no significant leverage, no embedded derivatives, and no complex or opaque features in the index or fund structure. The risks are standard for equity ETFs (market volatility, tracking error, ESG screening impact), and the structure is straightforward for retail investors to understand. The fund is listed and traded on regulated markets, with frequent liquidity and transparent pricing. All these elements align with the MiFID II presumption that UCITS ETFs are non-complex, absent features that introduce structural complexity or opacity[1].",
    "classification": "non-complex"
}