{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI EMU ESG Enhanced 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 Enhanced Focus CTB Index through passive management investing primarily in equity securities of developed EMU countries. The KIID and PRIIPs KID documents indicate the fund uses physical replication or optimised sampling techniques to hold underlying equities directly, with only limited use of financial derivative instruments (FDIs) for investment purposes, not for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or unfunded/funded swap structures. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk and ESG screening, not complexity). No leverage, inverse, or amplified return features are present. The underlying assets are liquid equities, with no complex structured products or contingent bonds. The fund is UCITS compliant, with a low ongoing charge (0.12%) and no performance fees. Counterparty risk is disclosed as a standard operational risk related to safekeeping and derivative counterparties but is not significant or indicative of synthetic replication. The ESG optimisation and index construction involve exclusion and optimisation but do not introduce complexity under MiFID II. The monthly factsheet confirms physical holdings with about 200 equity securities and no indication of synthetic replication or leverage. Therefore, the fund is classified as non-complex under MiFID II criteria."
}