{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA Leaders UCITS ETF USD (Dist)",
    "investment_objective": "To provide total return reflecting the MSCI USA Advanced Selection Index, investing in equity securities with higher ESG performance within the US large and mid-cap universe.",
    "primary_asset_class": "equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF physically replicating the MSCI USA Leaders Select Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or derivative instruments used as an inherent part of the investment strategy. Derivatives may be used only for direct investment purposes to produce a similar return to the index, which is considered risk management rather than complexity-driving. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium-high (5 out of 7) reflecting equity market risk and ESG screening concentration, not complexity from structure. The ongoing charges are low (0.12%) with no performance fees or complex fee structures. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but no significant counterparty exposure is indicated. The index tracked is ESG-screened but composed of liquid, large and mid-cap US equities, with no complex underlying assets such as contingent convertible bonds or CLOs. No references to roll costs, contango, or backwardation effects are present. Overall, the ETF exhibits a straightforward, transparent, and linear investment strategy consistent with a non-complex classification under MiFID II."
}