{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM UCITS ETF USD (Dist)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI Emerging Markets Index by holding the underlying equity securities in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. The Fund may use financial derivative instruments (FDIs) for direct investment purposes, but this is limited and not inherent to the strategy, thus derivatives are marked false. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to emerging markets risk, not complexity). The Fund invests in liquid, transparent equity securities and ADRs/GDRs, with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are straightforward with a low TER and no performance fees or swap fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Counterparty risk is mentioned only in the context of securities lending and safekeeping, which is standard and does not imply complexity. No comprehension warnings or complexity flags appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}