{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI World Small Cap Socially Responsible UCITS ETF",
    "investment_objective": "Passive tracking of MSCI World Small Cap SRI Low Carbon Select 5% Issuer Capped Index (Net Return), focusing on ESG best-in-class global small cap companies with low carbon exposure.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets (23 countries), with largest exposure to US, Japan, UK, Australia, Canada",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical stratified sampling replication of a broad equity ESG index with 737 constituents, investing directly in underlying securities. The KIID and PRIIPs KID confirm that derivatives may be used only for risk reduction or cost efficiency, not as a core synthetic replication method. There is no mention of swap agreements, total return swaps, or counterparty risk exposure. Leverage or inverse exposure is not present. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID due to equity volatility), consistent with direct equity exposure. The fund is UCITS compliant, with a low ongoing charge (0.23%) and no performance fees. The factsheet confirms physical replication and no securities lending. The index tracked is a complex ESG index but composed of liquid small cap equities, not complex derivatives or contingent bonds. No capital protection or structured features are present. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund exhibits a straightforward, transparent, physical equity index tracking strategy with minimal derivative use for hedging, thus classifying it as non-complex under MiFID II."
}