{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EMU ESG Screened 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 ESG Screened Index through physical investment in equity securities that make up the index or provide similar performance. The KIID and PRIIPs KID documents explicitly state the use of 'optimising techniques' which may include limited use of financial derivative instruments (FDIs) for direct investment purposes, but this use is expected to be limited and primarily for efficient portfolio management rather than as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The monthly factsheet confirms the fund holds 203 equity securities directly, with no indication of derivative or swap usage. The fund is UCITS compliant, uses physical replication, and has no leverage or inverse exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID, reflecting equity market risk and ESG screening impact), but this does not imply complexity under MiFID II. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. Securities lending is conducted but revenue sharing does not increase costs and is excluded from ongoing charges. The ESG screening and index optimization do not add complexity under MiFID II. There are no references to complex underlying assets such as contingent convertible bonds or CLOs. Overall, the ETF is a standard physical equity UCITS ETF with limited derivative use for portfolio management, thus classified as non-complex."
}