{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA ESG Enhanced UCITS ETF USD (Acc)",
    "investment_objective": "To achieve a return reflecting the MSCI USA ESG Enhanced Focus CTB Index through capital growth and income by investing in equity securities that make up the Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States (US equities)",
    "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 physically replicating the MSCI USA ESG Enhanced Focus CTB Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID explicitly state the Fund aims to replicate the index by holding the equity securities directly, with only limited use of financial derivative instruments (FDIs) for direct investment purposes to help achieve the investment objective, not for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or synthetic replication structures. The monthly factsheet confirms the product structure as physical replication and the methodology as replicated, with no indication of synthetic or swap-based replication. The Fund does engage in short-term securities lending to generate additional income, but this does not increase complexity under MiFID II. The risk profile is medium-high (5 out of 7), reflecting equity market risk and ESG screening constraints, but not complexity from derivatives or leverage. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.07%) and no performance fees. There are no references to leverage, inverse exposure, or complex underlying assets such as contingent convertible bonds or CLOs. The ESG optimisation and index construction use an optimisation process, but this does not inherently increase complexity under MiFID II as the Fund holds the underlying securities physically. No comprehension warnings or complexity flags appear in the PRIIPs KID. Therefore, the Fund is classified as non-complex under MiFID II."
}