{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EMU Small Cap UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to track the MSCI EMU Small Cap Index by investing primarily in the equity securities that make up the index, using an optimised physical replication approach. The KIID and PRIIPs KID documents confirm the use of physical securities with possible limited use of financial derivative instruments (FDIs) only for direct investment purposes or risk management, not as an inherent part of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is medium (4 out of 7) in the PRIIPs KID but 6 in the KIID, reflecting the equity small cap nature and liquidity considerations, not complexity from derivatives or leverage. The fund is UCITS compliant, uses physical replication, invests in liquid equity securities, and does not have capital protection or structured features. Costs are straightforward with no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. The monthly factsheet confirms physical replication and no synthetic or swap-based structure. No complex underlying assets such as contingent convertible bonds or CLOs are held. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex derivatives, or capital protection mechanisms, leading to a non-complex classification."
}