{
    "fund_name": "iShares MSCI World Consumer Discretionary ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "ESG optimisation process",
        "Complex index construction (MSCI World Consumer Discretionary ESG Reduced Carbon Select 20 35 Capped Index)",
        "Potential for securities lending"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track its benchmark index, which is a complex ESG-optimised version of the MSCI World Consumer Discretionary Index. While the index construction involves multiple ESG screens and optimisation processes, the ETF itself does not use derivatives for investment purposes (only potentially for efficient portfolio management). The fund's risk profile is rated 6/7, which is relatively high for an equity ETF, but this is primarily due to the sector concentration and equity market risks rather than structural complexity. The use of securities lending is disclosed but does not appear to be a significant factor in the investment strategy. The PRIIPs KID does not contain a comprehension warning, and the fund is UCITS-compliant, which typically indicates a non-complex classification under MiFID II.",
    "confidence": 90
}