{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Brazil 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 Brazil Index by holding the 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 reduction or cost reduction), which does not trigger complexity under MiFID II. The risk profile is high (category 6 out of 7) due to emerging market exposure and concentration risk, but this is related to market risk rather than structural complexity. There is no leverage, inverse or amplified exposure. The underlying assets are equities of large and mid-cap Brazilian companies, which are liquid and transparent. No capital protection or structured features are present. Costs are straightforward with a TER of 0.74%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF is a straightforward, physical replication UCITS ETF tracking a single equity index with no embedded complexity factors such as leverage, synthetic replication, or complex underlying assets."
}