{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Value Factor ESGUSD (Acc) UCITS ETF aims to replicate the MSCI World Value ESG Reduced Carbon Target Select Index by physically holding equity securities in similar proportions to the index. The KIID and PRIIPs KID explicitly state the Fund uses physical replication and only limited use of financial derivative instruments (FDIs) expected to be minimal and for efficient portfolio management rather than as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or funded/unfunded swap structures. The monthly factsheet confirms the Fund holds approximately 250 equity securities with no indication of complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to equity market exposure and factor concentration risk), but this is typical for equity factor ETFs and does not imply complexity under MiFID II. No leverage, inverse exposure, or capital protection features are present. Costs are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. Counterparty risk disclosures relate to standard custodial and securities lending counterparties, with no significant derivative counterparty risk. The Fund engages in limited securities lending to offset costs, which is common and not a complexity driver. The ESG optimization and factor exposure do not add complexity under MiFID II as the underlying assets are liquid equities and the replication is physical. No PRIIPs comprehension warnings or complexity flags are present. Overall, the Fund is a standard physical replication UCITS ETF with straightforward investment objectives and risk profile, thus classified as non-complex."
}