{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM Latin America UCITS ETF",
    "investment_objective": "To track the MSCI EM Latin America 10/40 Index through passive management aiming to invest in equity securities of the index constituents",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Latin American markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF physically replicating the MSCI EM Latin America 10/40 Index. The KIID and PRIIPs KID documents confirm the fund invests primarily in the underlying equity securities of the index, using optimising techniques and may use financial derivative instruments (FDIs) only for direct investment purposes, not as a core synthetic replication method. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (5/7) reflecting emerging market equity risk, currency risk, and liquidity risk, but not complexity from derivatives or leverage. The monthly factsheet confirms physical replication and no synthetic or swap-based replication. Costs are straightforward with no performance fees or swap fees. No capital protection or structured features are present. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but is not significant or indicative of synthetic replication. The fund uses securities lending to generate additional income, but this does not increase complexity under MiFID II. There are no complex underlying assets such as contingent convertible bonds or CLOs. The index tracked is a standard MSCI equity index with a 10/40 methodology, which is transparent and widely understood. No PRIIPs comprehension warnings or complexity flags are present. Therefore, the fund is classified as non-complex under MiFID II criteria."
}