{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Small Cap ESG Enhanced UCITS ETF is a physically replicated ETF that tracks an ESG-enhanced index of small-cap equities. The KIID and factsheet indicate that while derivatives may be used for direct investment purposes, there is no evidence of synthetic replication, leverage, or complex underlying assets. The fund uses physical replication and optimisation techniques to track its index, with derivatives potentially used for efficient portfolio management rather than as a core strategy. The risk profile (rated 6) is primarily driven by small-cap equity volatility rather than structural complexity. The fund is UCITS-compliant, has a straightforward investment objective, and provides regular liquidity. The absence of leverage, inverse strategies, or complex underlying assets supports the non-complex classification.",
    "confidence": 95
}