{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares EM Infrastructure UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the S&P Emerging Market Infrastructure Index by physically holding the equity securities that make up the index 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 to help achieve the investment objective, but this is limited and not inherent to the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The underlying assets are equities of large, liquid emerging market infrastructure companies, with no complex structured products or contingent bonds. The risk profile is medium-high (risk level 5-6), reflecting emerging market and sector concentration risks, but not complexity from derivatives or leverage. Counterparty risk is mentioned in relation to safekeeping and derivative counterparties but is standard for UCITS ETFs and not significant enough to classify as complex. Costs are straightforward with a TER of 0.74%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or leverage. Overall, the ETF is a straightforward, physical replication UCITS ETF investing in liquid equities, with limited derivative use for risk management only, and no leverage or complex features. Therefore, it is classified as non-complex under MiFID II."
}