{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Core MSCI EMU UCITS ETF GBP Hedged (Dist) Share Class",
    "investment_objective": "To track the MSCI EMU Index return through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "European Economic and Monetary Union (EMU)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI EMU Index by holding the underlying equity securities in similar proportions, indicating physical replication. The KIID and PRIIPs documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. Derivatives are only used for currency hedging (FX forwards), which is considered risk management rather than an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk indicator is medium (4 out of 7 in PRIIPs, 6 in KIID but this is due to equity market risk, not complexity). The fund invests in liquid, large and mid-cap equities from developed EMU countries, with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are straightforward with a low TER and 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 use of swaps or synthetic structures. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}