{
    "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 EM Islamic UCITS ETF aims to replicate the MSCI Emerging Markets Islamic Index by physically holding the underlying equity securities in similar proportions, consistent with Shari'ah principles. The KIID and PRIIPs KID documents explicitly state the fund uses physical replication and direct investment in equities, ADRs, and GDRs, with no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The monthly factsheet confirms the product structure as physical replication and does not indicate any use of leverage, inverse exposure, or complex structured products. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to emerging markets and currency risks), but this is driven by market and currency risks rather than complexity of the product structure. There are no capital protection features, no leverage, no contingent bonds, and no significant counterparty risk from derivatives. Costs are straightforward with a TER of 0.35% and no performance fees or swap fees. The fund is UCITS compliant and targets retail investors without specific complexity warnings or comprehension warnings in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}