{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Emerging Markets Equity, Use of Derivatives for Risk Management",
    "classification": "non-complex",
    "supporting_data": "The ETF is an actively managed UCITS-compliant equity ETF focused on emerging markets equities. The investment objective is long-term capital appreciation primarily through direct investment in equity and equity-related securities such as common stock, preferred stock, warrants, ADRs, EDRs, and GDRs. The KIID explicitly states that derivatives may be used only for efficient portfolio management and risk management purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The replication method is physical, investing directly in underlying securities. There is no leverage, inverse exposure, or capital protection mechanism. The risk profile is moderately high (category 6) due to emerging markets and equity risk but does not indicate complexity from leverage or derivative use. Fees are straightforward with no performance fees or swap fees. No complex structured products or contingent bonds are held. The benchmark is the MSCI Emerging Markets Index, a standard equity index without complex features. No PRIIPs KID or factsheet information was provided to contradict these findings. Therefore, under MiFID II, this ETF is classified as non-complex because it uses physical replication, has minimal derivative use limited to risk management, no leverage, and invests in liquid, transparent equity securities."
}