{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI UK Small Cap UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the MSCI UK Small Cap Index using physical replication with an optimised sampling technique. The KIID and PRIIPs KID explicitly state the use of physical equity securities and only mention financial derivative instruments (FDIs) as a possible tool for direct investment purposes, not as a core element of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk indicator in the KIID rates the fund at 6 due to the nature of small cap equities, but the PRIIPs KID rates it at 4 out of 7, reflecting medium risk typical of equity funds without complex features. The monthly factsheet confirms the fund uses physical replication and holds a diversified portfolio of 212 UK small cap equities, with no indication of complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. There are no capital protection or structured features. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid equities, and does not use derivatives as an inherent part of the investment strategy. Therefore, under MiFID II, this ETF is classified as non-complex."
}