{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Brazil UCITS ETF (DE)",
    "investment_objective": "Track the performance of the MSCI Brazil Index Net USD as closely as possible through replication of the benchmark.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Brazil",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated equity ETF tracking the MSCI Brazil Index. The KIID and PRIIPs KID explicitly state the fund aims to replicate the index with at least 95% duplication of assets, using physical securities. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only minimal use of derivatives for efficient portfolio management which does not trigger complexity classification. The fund does not employ leverage or inverse strategies. The underlying assets are large and mid-cap Brazilian equities, liquid and transparent, with no complex structured products or contingent bonds. Risk rating is high (6 out of 7) due to emerging market and currency risks, not due to structural complexity. Costs are straightforward with a TER of 0.27%-0.31%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}