{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Energy Sector Advanced UCITS ETF USD (Dist)",
    "investment_objective": "To achieve a return reflecting the MSCI World Energy Advanced Select 20 35 Capped Index through capital growth and income by investing primarily in equity securities of the index constituents with ESG optimisation.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed markets globally, focused on energy sector companies",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the MSCI World Energy Advanced Select 20 35 Capped Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm that derivatives may be used only for investment purposes or risk management, but there is no indication of synthetic replication or swap usage. The monthly factsheet confirms a physical replication methodology with no mention of swap agreements or synthetic structures. There is no leverage or inverse exposure. The risk rating is 6 out of 7, reflecting sector concentration and equity market risk, but this does not imply complexity under MiFID II. The fund is UCITS compliant, with a straightforward index-tracking objective investing in liquid, transparent equity securities. Costs are simple with a TER of 0.18%, no performance fees, and securities lending revenue sharing disclosed. No capital protection or structured features are present. Counterparty risk is disclosed as a standard risk related to safekeeping and derivative counterparties but is not significant or indicative of synthetic replication. Overall, the fund's structure and investment approach align with a non-complex classification under MiFID II."
}