{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P SmallCap 600 UCITS ETF USD (Dist)",
    "investment_objective": "To track the return of the S&P SmallCap 600 Index, reflecting capital growth and income from US small-cap equities.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the S&P SmallCap 600 Index primarily through physical investment in the underlying equity securities, using optimising techniques such as strategic selection or representative sampling. The KIID and PRIIPs KID mention the possible use of financial derivative instruments (FDIs) but only for direct investment purposes and 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 profile is medium-high (5 out of 7), reflecting the inherent volatility of small-cap equities rather than complexity from derivatives or leverage. The monthly factsheet confirms physical product structure and direct investment in 600 US small-cap companies, with no indication of synthetic replication or complex underlying assets. Counterparty risk is disclosed as a general operational risk but not linked to derivative counterparty exposure. Costs are straightforward with a TER of 0.30%, no performance fees, and securities lending revenue sharing disclosed. No capital protection or structured features are present. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF is a UCITS-compliant, physically replicated equity ETF with minimal derivative use for risk management, no leverage, and no complex underlying assets, thus classified as non-complex under MiFID II."
}