{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Health Care Sector 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 Health Care ESG Reduced Carbon Select 20 35 Capped Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and does not employ synthetic replication or swap agreements. While the fund may use financial derivative instruments (FDIs), these are only for investment purposes and not as an inherent element of the strategy, thus derivatives are not considered a complexity factor here. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by sector concentration and equity market risk rather than complexity). The fund invests in liquid, transparent equity securities within the healthcare sector, with no capital protection or structured features. Counterparty risk is disclosed but limited to normal custodial and securities lending counterparties, with no significant swap counterparty exposure. Costs are straightforward with a low ongoing charge (0.18%) and no performance fees or complex fee structures. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio of 129 equity holdings, mainly large and mid-cap healthcare companies. No references to complex underlying assets such as contingent convertible bonds or CLOs are found. No leverage or inverse exposure is present. The ESG optimization and index screening do not add complexity under MiFID II. No PRIIPs comprehension warnings or complexity flags are present. Therefore, the ETF is classified as non-complex under MiFID II."
}