{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Quality Dividend ESGUSD (Acc)",
    "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 High Dividend Yield ESG Reduced Carbon Target Select Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents explicitly state the Fund intends to replicate the index physically, with only limited and expectedly minimal use of financial derivative instruments (FDIs) for direct investment purposes, not as a core strategy element. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The monthly factsheet confirms the product structure as physical replication with no indication of swap usage or leverage. 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 indicator in the KIID rates the Fund at level 6, which is relatively high due to equity market risk and ESG screening reducing the investable universe, but this does not imply complexity under MiFID II. The PRIIPs KID risk indicator is 4 out of 7, a medium risk level, reflecting normal equity market risks and currency risk, with no complexity warnings or comprehension warnings. Costs are straightforward with a TER of 0.38%, no performance fees, and no complex fee structures. Securities lending is used but disclosed transparently and does not increase complexity. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent equity securities, and uses derivatives only marginally for efficient portfolio management rather than as an inherent element of the investment strategy. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}