{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World ESG Enhanced UCITS ETF USD (Dist)",
    "investment_objective": "To achieve a return reflecting the MSCI World ESG Enhanced Focus CTB Index through capital growth and income by investing in equity securities that make up the Index, using optimisation techniques including possible use of financial derivative instruments (FDIs) for direct investment purposes.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets (subset of MSCI World Index)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF tracking an ESG-optimized subset of the MSCI World Index. The fund uses physical replication with optimisation techniques to select securities that closely track the index. The KIID and PRIIPs documents mention that financial derivative instruments (FDIs) may be used for direct investment purposes, but this is in the context of optimisation and risk management rather than synthetic replication. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk indicator in the KIID rates the fund at 6 (on a scale of 1-7), reflecting equity market risk and ESG screening concentration risk, but this is not driven by complexity of the product structure. The PRIIPs KID risk indicator is 4 out of 7, indicating medium risk but no complexity warning or comprehension warning. The monthly factsheet confirms physical replication and no use of synthetic swaps. The fund invests directly in liquid equity securities, with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees disclosed. Counterparty risk is mentioned only in the context of custodial and derivative counterparties, but no significant counterparty exposure is indicated. Overall, the fund's structure and investment approach align with a non-complex classification under MiFID II."
}