{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified",
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Energy Sector Advanced UCITS ETF USD (Dist) is a UCITS-compliant ETF, which is automatically classified as non-complex under MiFID II Article 25(4)(a)(iv), unless it is a structured UCITS or fails the Article 57 criteria[1]. The fund aims to track the MSCI World Energy Advanced Select 20 35 Capped Index by holding the underlying equity securities in similar proportions, using physical replication. While the fund may use financial derivative instruments (FDIs) for efficient portfolio management (EPM), such use is described as limited and not central to the investment objective. There is no evidence of synthetic replication, embedded derivatives, leverage beyond UCITS limits, or other complex features such as contingent convertible bonds, swaps, or complex indices. The fund engages in securities lending, but this is a secondary feature, well-managed within UCITS rules, and does not dominate the risk profile. The index is transparent and the fundu2019s structure, risks, and objectives are straightforward and disclosed in the KID. Therefore, the ETF does not exhibit any of the features that would override the UCITS presumption of non-complexity under MiFID II[1][2]."
}