{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares EM Dividend UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares EM Dividend UCITS ETF aims to replicate the Dow Jones Emerging Markets Select Dividend Index by physically holding the equity securities that make up the index in similar proportions. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. While the Fund may use financial derivative instruments (FDIs), these are only for direct investment purposes and not as an inherent part of the investment strategy, thus derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure indicated. The Fund invests directly in liquid equity securities from emerging markets, including ADRs and GDRs, with no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but mainly due to emerging market and currency risks, not complexity). No capital protection or structured features are present. Costs are straightforward with a TER of 0.65% and no performance fees or swap fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Counterparty risk is mentioned only in the context of safekeeping and securities lending, which is standard and does not imply complexity. There are no complexity flags such as leverage, synthetic replication, or complex underlying assets. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}