{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Industrials Sector ESG",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI World Industrials 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 use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. While the fund may use financial derivative instruments (FDIs) for direct investment purposes, these are limited and used for investment rather than risk management, and do not constitute a core element of the strategy. There is no leverage, inverse exposure, or capital protection features. The risk indicator is medium (4 out of 7) in the PRIIPs KID and 6 in the KIID, reflecting sector concentration and equity market risks rather than complexity from derivatives or leverage. The fund engages in limited securities lending, but this does not increase complexity under MiFID II. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. No complex underlying assets such as contingent convertible bonds or CLOs are held. The ESG optimization and index screening do not add complexity under MiFID II. Overall, the fund exhibits a straightforward, transparent, and linear investment strategy with minimal derivative use and no leverage, qualifying it as non-complex under MiFID II."
}