{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Quality Dividend Advanced UCITS ETF USD (Dist)",
    "investment_objective": "To achieve a return reflecting the MSCI World High Dividend Yield ESG Reduced Carbon Target Select Index through a combination of capital growth and income.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets (MSCI World Index countries)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that physically replicates 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 confirm that the use of financial derivative instruments (FDIs) is limited and primarily for direct investment purposes, not for synthetic replication or leverage. There is no mention of swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does engage in short-term securities lending, but this is a common practice and does not add complexity under MiFID II. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk rather than structural complexity). There is no leverage, inverse exposure, or capital protection features. The underlying assets are large and mid-cap equities, liquid and transparent. The benchmark index applies ESG and quality filters but does not involve complex structured products or contingent bonds. The factsheet confirms physical replication and no synthetic or swap-based replication. Costs are straightforward with a TER of 0.38%, no performance fees, and no complex fee structures. No PRIIPs comprehension warnings or complexity flags are present. Overall, the ETF exhibits a straightforward, physical, index-tracking strategy with minimal derivative use for efficient portfolio management, thus classifying it as non-complex under MiFID II."
}