{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Turkey UCITS ETF",
    "investment_objective": "To replicate the return of the MSCI Turkey Index through capital growth and income by investing in equity securities of large and mid-cap Turkish companies.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Turkey",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to physically replicate the MSCI Turkey 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 to a limited extent for investment purposes, but this is not an inherent part of the strategy and is expected to be minimal, thus derivatives are considered false for complexity purposes. There is no leverage, inverse or amplified exposure. The underlying assets are equities of Turkish companies, which are liquid and transparent. The risk profile is high (risk level 6-7) due to emerging market exposure and concentration risk, but this does not imply complexity under MiFID II. 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. No complexity flags such as contingent bonds, leverage, or capital protection mechanisms are identified. Therefore, the ETF is classified as non-complex under MiFID II."
}