{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Small Cap UCITS ETF USD (Acc)",
    "investment_objective": "To track the return of the MSCI World Small Cap Index through a combination of capital growth and income.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund aims to replicate the MSCI World Small Cap Index primarily through physical investment in the underlying equity securities, using optimising techniques such as strategic selection and representative sampling. The KIID and PRIIPs KID explicitly state the use of physical replication and do not mention synthetic replication, swap agreements, or total return swaps. The monthly factsheet confirms the product structure as 'Physical' and shows direct investment in over 3,300 small cap stocks globally, with no indication of leverage or inverse exposure. The Fund is UCITS compliant, with a risk rating of 5 out of 7 (medium-high), reflecting the inherent volatility of small cap equities rather than complexity. Derivatives may be used only for efficient portfolio management or hedging, not as an inherent part of the investment strategy, so 'derivatives' is marked false. There are no capital protection features, structured products, or contingent bonds in the portfolio. Costs are straightforward with a TER of 0.35%, no performance fees, and no swap or derivative fees. Counterparty risk disclosures exist but are standard for custody and securities lending, not indicative of synthetic replication or funded/unfunded swaps. No leverage or inverse terms are present. The complexity indicators such as synthetic replication, leverage, contingent bonds, or capital protection mechanisms are absent. Therefore, under MiFID II, this ETF is classified as non-complex."
}