{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Poland UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Poland UCITS ETF is a UCITS-compliant exchange-traded fund that physically replicates the MSCI Poland Index by directly holding the underlying equity securities in similar proportions to the index. The KIID and PRIIPs KID documents confirm the fund uses physical replication and does not employ synthetic replication or swap agreements. While the fund may use financial derivative instruments (FDIs) to help achieve its investment objective, these are not inherent to the strategy but rather for risk management or efficient portfolio management, thus derivatives exposure is minimal and not a complexity driver. There is no leverage, inverse or amplified exposure mentioned. The fund invests in liquid, large and mid-cap Polish equities, with no indication of complex underlying assets such as contingent convertible bonds or structured products. The risk profile is high (6 out of 7) due to market and emerging market risks, not due to structural complexity. No capital protection or structured features are present. Costs are straightforward with a single ongoing charge (TER) of 0.74%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no use of swaps, and a concentrated portfolio of 13 holdings in liquid equities. There are no complexity flags such as counterparty risk from swaps or leverage. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}