{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Small Cap ESG Enhanced UCITS ETF USD (Acc)",
    "investment_objective": "To achieve a return reflecting the MSCI World Small Cap ESG Enhanced Focus CTB Index through capital growth and income, via passive management investing primarily in equity securities of the index constituents with ESG screening and optimisation.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets (MSCI World Small Cap universe)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF physically replicating the MSCI World Small Cap ESG Enhanced Focus CTB Index. The fund aims to invest directly in the underlying equity securities of the index, using optimisation techniques that may include strategic selection of securities and limited use of financial derivative instruments (FDIs) for direct investment purposes, but not as a core synthetic replication method. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk rating is 5 out of 7, reflecting medium-high risk typical of small cap equity exposure, but not indicating complexity due to derivatives or leverage. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties, but derivatives are not a material element of the investment strategy. Costs are straightforward with a TER of 0.35%, no performance fees, and no complex fee structures. The fund engages in short-term securities lending, which is common and not a complexity driver. The index tracked is ESG-optimized and excludes certain sectors, but this does not inherently add complexity under MiFID II. The monthly factsheet confirms physical replication and no synthetic swap usage. PRIIPs KID does not include any comprehension warnings or complexity flags beyond normal market and liquidity risks. Therefore, the fund does not meet MiFID II criteria for a complex financial instrument."
}