{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Financials 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 Financials ESG Reduced Carbon Select 20 35 Capped Index by holding the underlying equity securities in similar proportions (physical replication). The KIID and PRIIPs KID documents confirm that derivatives may be used but only for direct investment purposes and not as an inherent element of the investment strategy, indicating limited derivative use for risk management rather than synthetic replication. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7) reflecting sector concentration and market risks, but not complexity from structural features. Costs are straightforward with a TER of 0.18%, no performance fees, and no complex fee structures. Securities lending is used but disclosed transparently and does not increase fund costs. The monthly factsheet confirms physical replication, no use of swaps, and a broad diversified portfolio of 232 equity holdings in the financial sector. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative exposure and no leverage, meeting the criteria for a non-complex financial instrument under MiFID II."
}