{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM UCITS ETF USD (Acc)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI Emerging Markets Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and direct investment in equities, with no mention of synthetic replication, swap agreements, or derivative instruments as part of the core investment strategy. While the fund may use financial derivative instruments (FDIs) for direct investment purposes, this is limited and not inherent to the strategy, thus derivatives are marked false. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to emerging markets risk rather than complexity). The fund engages in short-term securities lending to offset costs, but this does not increase complexity. The monthly factsheet confirms physical replication, a broad diversified portfolio of 839 holdings, no use of swaps or leverage, and a straightforward index-tracking objective. No complex underlying assets such as contingent convertible bonds or CLOs are held. Counterparty risk is limited to custodial and securities lending counterparties, typical for physical ETFs. Costs are simple with a TER of 0.18%, no performance fees, and no swap or derivative fees. There is no mention of complex indices or structured features. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}