{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Quality Factor ESG",
    "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 Quality 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. While the Fund may use financial derivative instruments (FDIs), these are only for direct investment purposes and not as an inherent element of the strategy, thus derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure indicated. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market exposure and factor concentration, not complexity). The Fund invests in liquid, transparent 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%, no performance fees, and no swap or derivative fees. Counterparty risk disclosures relate to normal operational risks (e.g., securities lending and custodial risks) but do not indicate significant counterparty exposure from synthetic replication. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}