{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Energy Sector UCITS ETF aims to replicate the MSCI World Energy Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. The Fund may use financial derivatives only for investment purposes, but this is not indicated as a material or inherent part of the strategy, and the derivatives usage is minimal or for risk management, thus derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk profile is high (6 out of 7) due to sector concentration and equity market risk, not due to structural complexity. The Fund invests directly in liquid, large- and mid-cap equities in developed markets, with no complex underlying assets such as contingent convertible bonds or CLOs. The costs are straightforward with a low ongoing charge (0.18%) and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and a straightforward portfolio of 52 equity holdings primarily in large energy companies. Counterparty risk is mentioned only in the context of safekeeping and securities lending, which is standard and does not imply complexity. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}