{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Consumer Discretionary Sector ESG UCITS ETF is a physically replicated equity ETF that tracks a well-defined, liquid index of large and mid-cap consumer discretionary stocks. The fund uses physical replication to hold the underlying securities of its benchmark index, which is a standard approach for non-complex ETFs. While the KIID mentions that the fund may use financial derivative instruments (FDIs), it specifies this is to help achieve the investment objective, likely for efficient portfolio management (EPM) purposes such as hedging or cash management rather than as a core strategy. The fund has no leverage, inverse exposure, or synthetic replication. The risk profile (rated 6) is primarily due to sector concentration risks rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection requirements. The underlying index is straightforward (MSCI World Consumer Discretionary with ESG filters), and the fund's performance closely tracks this index. There are no indications of complex strategies, illiquid assets, or capital protection mechanisms that would trigger a 'complex' classification under MiFID II.",
    "confidence": 95
}