{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EM SRI UCITS ETF USD (Dist)",
    "investment_objective": "To achieve a return reflecting the MSCI EM SRI Select Reduced Fossil Fuel Index through capital growth and income, investing primarily in equity securities with higher ESG ratings within emerging markets.",
    "primary_asset_class": "equity",
    "geographic_focus": "Emerging Markets (Asia, Europe, Middle East & Africa, Latin America)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF physically replicating the MSCI EM SRI Select Reduced Fossil Fuel Index by holding the underlying securities in similar proportions. The KIID and PRIIPs KID explicitly state the Fund aims to invest 'so far as possible and practicable' in the equity securities of the index, with replication described as 'physical' in the factsheet. There is no mention of synthetic replication, swap agreements, or total return swaps. The Fund may use financial derivative instruments (FDIs) only to help achieve the investment objective, but this use is expected to be limited and for direct investment purposes rather than as a core strategy element, so derivatives are marked false. There is no leverage, inverse or amplified exposure language. The risk rating is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to emerging market equity risk, not complexity). The Fund invests in liquid, transparent equity securities with no complex structured products or contingent bonds. Counterparty risk is disclosed as a general risk related to safekeeping and derivative counterparties but no significant counterparty exposure or funded/unfunded swap structures are indicated. Costs are straightforward with a TER of 0.25%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing is disclosed transparently and does not increase costs. The index tracked is ESG-screened but is a standard free float market cap weighted equity index with sector constraints, not a complex or leveraged index. No capital protection or structured features are present. The factsheet confirms physical replication and no synthetic or swap-based replication. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II."
}