{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Korea UCITS ETF USD (Dist) aims to replicate the MSCI Korea 20/35 Index by physically holding the underlying equity securities in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. The Fund may use financial derivatives only for efficient portfolio management (risk management), which does not trigger complexity under MiFID II. The Fund is UCITS compliant and invests directly in liquid, large and mid-cap Korean equities, with no exposure to complex structured products, contingent convertible bonds, or leverage. The risk profile is medium-high (5 out of 7), reflecting market and emerging market risks, but not complexity from derivatives or leverage. The ongoing charges are straightforward with no performance fees or swap fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. There are no capital protection or structured features. Counterparty risk is disclosed but limited to custodial and operational counterparties, typical for physical ETFs. No complexity flags such as leverage, inverse exposure, or complex underlying assets are present. Therefore, the ETF is classified as non-complex under MiFID II."
}