{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Materials Sector ESGUSD (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI World Materials ESG Reduced Carbon Select 20 35 Capped Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. 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) to help achieve its investment objective, these are used for direct investment purposes and not as an inherent element of the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language present. The risk indicator in the KIID is 6 out of 7, reflecting the sector concentration risk and ESG screening impact, but this does not imply complexity under MiFID II. The fund invests in liquid equity securities within the materials sector, with no complex underlying assets such as contingent convertible bonds or CLOs. The costs are straightforward with a TER of 0.18%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio of 86 equity holdings with no complex structured products. Counterparty risk is mentioned only in the context of securities lending and custodial arrangements, which is standard and not a complexity driver. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF is a UCITS-compliant, physically replicated equity ETF with no leverage or synthetic elements, and thus classified as non-complex under MiFID II."
}