{
    "fund_name": "iShares MSCI USA Small Cap ESG Enhanced UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Construction (ESG Optimisation)",
        "Potential Counterparty Risk from Securities Lending",
        "ESG Screening and Exclusions"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ derivatives for investment purposes beyond potential securities lending. The index is complex due to ESG optimisation and exclusions, but this does not make the ETF itself complex under MiFID II. The fund's risk profile is straightforward, and the use of derivatives (if any) is limited to efficient portfolio management. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification. The fact sheet confirms the fund holds individual equities directly, with no swap or synthetic replication. The primary complexity factors relate to the index methodology rather than the fund structure.",
    "confidence": 90
}