{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Health Care Sector Advanced UCITS ETF USD (Acc) is a UCITS-compliant ETF that aims to replicate the MSCI World Health Care Advanced Select 20 35 Capped Index by physical replication, holding the underlying equity securities in similar proportions to the index. The fund may use derivatives only for direct investment purposes but does not indicate that derivatives are integral to the replication strategy or that synthetic replication is used. The ETF engages in short-term securities lending as a secondary feature, which is well-managed under UCITS rules and does not dominate the risk profile. There is no indication of significant leverage beyond UCITS limits. The fund's structure and risks (market volatility, tracking error) are straightforward and transparent, suitable for retail investors with basic knowledge. The benchmark index is transparent and well-documented. According to MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57, UCITS ETFs using physical replication and limited derivative use for efficient portfolio management with minimal risk impact are classified as non-complex. ESMA guidance confirms that synthetic replication or embedded derivatives would trigger complexity, but these are not present here. Therefore, this ETF is classified as non-complex under MiFID II appropriateness rules[1][2][3][5]."
}