{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Taiwan UCITS ETF",
    "investment_objective": "To track the performance of the MSCI Taiwan 20/35 Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "Taiwan",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF physically replicates the MSCI Taiwan 20/35 Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only for efficient portfolio management (risk management), not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage or inverse exposure. The underlying assets are large and mid-cap Taiwanese equities, which are liquid and transparent. The fund is UCITS compliant and uses a straightforward index-tracking approach. The risk profile is medium-high (5 out of 7) mainly due to market, currency, and emerging market risks, not due to structural complexity. Costs are standard with no performance fees or complex fee structures. The monthly factsheet confirms physical replication and no use of swaps or leverage. No capital protection or structured features are present. No complexity flags such as contingent bonds or complex derivatives are identified. Therefore, under MiFID II, this ETF is classified as non-complex."
}