{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Small Cap UCITS ETF uses physical replication to track its benchmark index, primarily investing directly in equity securities of small-cap companies across developed markets. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management (EPM) rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile is clearly disclosed, and the underlying assets are straightforward equity securities. The fund's risk level (rated 6) is primarily due to the volatility inherent in small-cap equities rather than structural complexity. The absence of funded/unfunded swaps, leverage, or complex structured products further supports the non-complex classification.",
    "confidence": 95
}