{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Emerging Markets Equity Enhanced Active UCITS ETF is an actively managed UCITS ETF domiciled in Ireland, primarily investing at least 70% in emerging markets equities, with some allocation to investment grade fixed income and money market instruments. The fund uses quantitative models for stock selection and may use financial derivative instruments (FDIs) for investment purposes and/or risk reduction, cost reduction, and income generation. However, the documents do not indicate synthetic replication or use of swap agreements, total return swaps, or unfunded/funded swap structures. The replication method is physical, investing directly in underlying securities, as supported by the portfolio holdings and fact sheet showing direct equity holdings and cash positions. There is no mention of leverage ratios above 1:1, inverse or leveraged exposure, or capital protection features. The risk profile in the KIID rates the fund at 6 on a 7-point scale, reflecting emerging market risks and counterparty risk related to safekeeping and derivatives counterparties, but the derivatives usage is for investment and risk management, not inherent to the strategy, so derivatives are marked false. Costs are straightforward with a TER of 0.30%, no performance fees, and no complex fee structures. The PRIIPs KID classifies the product as medium risk (4/7), with no comprehension warnings or complexity flags. The fund holds no complex underlying assets such as contingent convertible bonds or CLOs. The fund\u2019s active management and quantitative approach do not in themselves trigger complexity under MiFID II. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}