{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core MSCI World UCITS ETF GBP Hedged (Dist) Share Class",
    "investment_objective": "To achieve a return reflecting the MSCI World Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets (23 developed countries)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant physical replication fund tracking the MSCI World Index, investing directly in equity securities of large and mid-cap companies across developed markets. The fund uses an optimised physical replication method, with no indication of synthetic replication or use of swap agreements. Derivatives are used only for currency hedging (FX forwards), which is a risk management technique rather than an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk indicator in the KIID is 6, which is relatively high due to equity market volatility and currency hedging risks, but this does not imply complexity under MiFID II. The fund does engage in securities lending, but this is disclosed and does not add complexity. No capital protection or structured features are present. The underlying assets are liquid, transparent equities with no complex structured products or contingent bonds. The PRIIPs KID confirms a medium risk level (4/7) and no complexity warnings or comprehension warnings are present. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the fund\u2019s structure and strategy are straightforward, with a clear linear relationship to the underlying index performance, and minimal derivative use solely for hedging. Therefore, the fund is classified as non-complex under MiFID II."
}