{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Momentum Factor ESG USD (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI World Momentum ESG Reduced Carbon Target Select Index by physically 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 total return swaps. The fund may use financial derivative instruments only for efficient portfolio management purposes, not as an inherent part of the investment strategy, which under MiFID II means derivatives are not considered a complexity factor here. There is no leverage, inverse or amplified exposure indicated in any document. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by factor exposure and ESG constraints rather than structural complexity). The fund invests directly in liquid equity securities with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are straightforward with a TER of 0.25% and no performance fees or swap fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Counterparty risk disclosures relate to standard custodial and securities lending risks, not to synthetic replication or unfunded swaps. The ESG and factor-based index methodology introduces some tracking and factor risks but does not elevate the fund to complex under MiFID II. There are no references to roll costs, contango, or backwardation effects. Therefore, the fund is classified as non-complex."
}