{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Consumer Discretionary Sector ESG UCITS ETF",
    "investment_objective": "To replicate the MSCI World Consumer Discretionary ESG Reduced Carbon Select 20 35 Capped Index by investing in equity securities that make up the index in similar proportions.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed markets globally, focused on consumer discretionary sector",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication by holding the underlying equity securities in proportions similar to the MSCI World Consumer Discretionary ESG Reduced Carbon Select 20 35 Capped Index. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. There is no leverage or inverse exposure. The underlying assets are large and mid-cap equities in developed markets, which are liquid and transparent. The risk profile is medium-high (5 out of 7), consistent with equity market risk, but not indicative of structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.18%, no performance fees, and some securities lending revenue sharing. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, the ETF is classified as non-complex under MiFID II."
}