{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI World Small Cap Socially Responsible UCITS ETF",
    "investment_objective": "Passive replication 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 and issuer caps.",
    "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 replication with stratified sampling to track a broad equity ESG index of 737 constituents. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund may use derivatives only for risk reduction or cost efficiency, not as an inherent part of the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The underlying assets are equities in liquid developed markets, with no complex bonds or structured products. The risk profile is medium (4 out of 7 in PRIIPs KID, 5-6 in MiFID KIID), consistent with equity market volatility and small cap exposure, but no complexity flags such as capital protection or contingent features. Costs are straightforward with a TER of 0.23%, no performance fees, no securities lending, and no swap fees. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The factsheet confirms physical replication, no securities lending, no leverage, and a low tracking error (~0.05%), supporting a simple, transparent structure. Overall, the ETF is UCITS compliant, physically replicates a transparent equity ESG index, and does not use synthetic or leveraged strategies, so it is classified as non-complex under MiFID II."
}