{
    "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 Staples ESG UCITS ETF is a physically replicated equity ETF that tracks a well-defined, transparent index (MSCI World Consumer Staples ESG Reduced Carbon Select 20 35 Capped Index). The KIID and factsheet confirm it uses physical replication of the underlying securities, with derivatives only potentially used for efficient portfolio management (EPM) rather than as a core strategy. The fund has no leverage, inverse exposure, or complex structures. While it mentions the possibility of using financial derivative instruments (FDIs), this appears to be for ancillary purposes (e.g., hedging or cash management) rather than as a primary investment strategy. The risk profile (rated 5) is typical for an equity ETF, and the fund provides clear, frequent pricing and liquidity. The ESG optimization process, while sophisticated, does not introduce complexity from a MiFID II perspective as it remains a rules-based, transparent methodology. The absence of swaps, leverage, or illiquid assets further supports the non-complex classification.",
    "confidence": 95
}