{
    "fund_name": "iShares MSCI World Financials Sector ESG",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Construction",
        "ESG Optimization Constraints"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Financials ESG Reduced Carbon Select 20-35 Capped Index. While the index has complex ESG optimization constraints, the fund itself does not use derivatives for leverage or synthetic replication. The risk profile is straightforward (risk level 6/7), and the fund's holdings are transparent. The use of derivatives is limited to efficient portfolio management (e.g., securities lending), not for complex strategies. The PRIIPs KID and fact sheet confirm no synthetic replication or swap usage. The fund's complexity is low, and it is suitable for retail investors.",
    "confidence": 90
}