{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EMU ESG Enhanced UCITS ETF EUR (Dist)",
    "investment_objective": "To achieve a return reflecting the MSCI EMU ESG Enhanced Focus CTB Index through capital growth and income, investing primarily in equity securities of developed EMU countries with ESG exclusions and optimisation.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed market countries within the 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 is a UCITS-compliant equity ETF physically replicating an ESG-optimized MSCI EMU index. The KIID and PRIIPs KID confirm the fund invests primarily in equity securities directly, with no mention of synthetic replication, swap agreements, or funded/unfunded swap structures. The fund uses optimisation techniques including strategic selection of securities and may use financial derivative instruments (FDIs) for direct investment purposes, but these are not inherent to the strategy and are used for efficient portfolio management rather than to create synthetic exposure. There is no leverage, inverse or amplified exposure. The risk indicator in the KIID rates the fund at 6 (on a scale where 7 is highest), reflecting equity market risk and concentration risk, but this does not imply complexity under MiFID II. The PRIIPs KID risk indicator is 4 out of 7, a medium risk level, consistent with a physical equity ETF. The fund does not have capital protection or structured features. Charges are straightforward with a TER of 0.12%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The ESG optimisation and index construction involve exclusions and optimisation but do not introduce complexity from a MiFID II perspective. No contingent bonds, leverage, or complex structured products are held. Counterparty risk is limited to normal custody and operational risks, not derivative counterparty risk. Therefore, the fund is classified as non-complex."
}