{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI USA Small Cap ESG Enhanced USD (Acc) Share Class",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the MSCI USA Small Cap ESG Enhanced Focus CTB Index through physical investment in equity securities. The KIID and PRIIPs KID documents confirm the fund uses an optimisation process to select securities but does not rely on synthetic replication or swap agreements. There is no mention of funded or unfunded swaps, total return swaps, or counterparty risk related to derivatives as an inherent part of the investment strategy. The fund may use financial derivative instruments (FDIs) only for direct investment purposes, but this is limited and not a core element of the strategy, thus derivatives are considered non-complex and used for risk management or minor optimisation only. The monthly factsheet confirms physical replication with a large number of holdings (1,578 equities), no leverage, no inverse or amplified exposure, and no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7), reflecting equity market risk and ESG screening constraints, but not complexity from leverage or derivatives. Costs are straightforward with no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, invests directly in liquid, transparent equity securities, and does not use synthetic replication or leverage. Therefore, under MiFID II criteria, it is classified as non-complex."
}